As reported by the newspaper O Estado de S.Paulo, three of the main airlines in Latin America, Gol, Latam and Azul, joined on Thursday, the 14th, the bailout proposal from a union of banks, informed the National Bank for Economic and Social Development (BNDES).

In announcing the adhesion of the airlines, in a conference call with journalists on the morning of this Friday, the BNDES’ President Gustavo Montezano avoided saying the values and conditions of the proposal.

Sources heard by the newspaper, said, though, that the financial aid package for companies could be somewhere between BRL 4 billion and BRL 7 billion.

The proposal is based on public offerings of debt securities (part of them in bonds convertible into shares) and contemplates the minimum participation of 30% of private investors, with BNDES (60%) and private banks (10%) guaranteeing the demand of the majority each offer.