A bankruptcy court US will begin Thursday to consider the reorganization plan proposed by the Aeromexico GroupWhile the Mexican Airlines fight minor creditors who claim unfair treatment, in a trial that is likely to last several days.

Aeromexicowho accepted the Chapter 11 of Bankruptcy Protection in New York in June 2020, will appear before the judge of the case Shelley Chapman his proposal, which would inject new capital into the company and turn it around Apollo Global Managementa regular investor in struggling companies, is the largest shareholder.

Although the airline has received the support it says it needs from its multiple groups of creditors, some still say the plan will not go through unless smaller ones, some of whom may only see pennies on the dollar, are better compensated.

Chapman has set aside a few days for the trial, so it is likely that it will not decide on the proposal on Thursday. If it finally approves the deal, Aeroméxico – one of the three major Latin American airlines that declared bankruptcy during the pandemic– you can get out of bankruptcy.

The plan, according to the Mexican company, would reduce its debt by $ 1 billion and save about 13,000 jobs. But smaller creditors argue that it is excessively beneficial to current shareholders, including Delta Air Lines Inc and four members of the board of directors, at their expense.

Delta and the four Mexican players are expected to hold some shares in the reorganized company. Delta, which is expected to own about 20% of the company after the restructuring, said approval of the plan is critical to maintaining its long-term relationship with Aeroméxico.

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Reference-www.eleconomista.com.mx

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