Gol Smiles at CVM

Brazilian airline Gol has filed the initial regulatory documents for the IPO of its Smiles mileage loyalty company, it says. The specific details remain to be determined, but taking the initial steps now lines the issuer up to price in late March or April. A $435m sale for TAM’s Mutliplus program – one of the few publicly-traded comps in the world – has performed well following a rough debut in 2010. Gol, however, has struggled a bit, with a poorly-bid $200m bond that performed poorly in the aftermarket earlier this month. Smiles recently named Leonel Andrade as CEO.