Tough conditions in Brazil continue to hurt Gol despite its efforts to clean up its balance sheet

Brazilian airline Gol continues to face all the same challenges in 2015 that have plagued the airline during the last two to three years - a weak Brazilian economy, currency devaluation and soft corporate demand.

The company during that time has taken steps to improve its fundamentals including restructuring debt and improving its leverage ratios. Now it has gained approval from shareholders for a new corporate structure to allow the airline to possibly expand foreign ownership, which could create some advantages over the long term.

But in the short term Gol admits that the overall macroeconomic environment was even more challenging at the start of 2015 as corporate demand has fallen-off amidst a still-weak Brazilian economy.