SAO PAULO, May 27 (Reuters) - Brazilian airline Gol

expects its exit of Chapter 11 bankruptcy proceedings

to involve a $1.5 billion capital injection through the issuance

of new shares and the refinancing of $2 billion in debt, it said

in a securities filing on Monday.

Gol, one of Brazil's largest carriers, filed for

bankruptcy protection

in the United States earlier this year after struggling

with heavy debt and delayed deliveries from planemaker Boeing ( BA )

.

The estimates for it to emerge from the restructuring

process are part of a broader five-year strategic plan unveiled

by the firm, which includes increasing its fleet and boosting

operating margins in the coming years.

Gol said it would hold a "competitive process" starting in

June to evaluate proposals to finance its bankruptcy exit,

adding the process should last at least until the end of the

third quarter.

The carrier will also study "any viable, competitive

alternative transactions, including opportunities presented by

potential sources of equity and debt capital" as part of the

move, it said.

"While Gol anticipates a successful exit financing

process, there can be no assurance that the process will result

in any transactions," the company added.

Earlier this month, Gol and Brazilian rival Azul ( AZUL )

announced a

codeshare agreement

, connecting their networks and frequent flyer programs in a

move that reignited speculation about a potential merger.