The United States Bankruptcy Court on Friday approved the restructuring plan for Grupo Aeroméxico, which prepares the airline to leave Chapter 11 of the Bankruptcy Act it requested in June 2020, following the aftermath of the Covid pandemic -19.
Although the news was published after the market closed, the airline’s shares rose by 16.67% on the Mexican Stock Exchange (BMV) to 1.61 pesos.
In a statement sent to the BMV, Aeroméxico guaranteed that it would continue to work with all its key participants to withdraw “quickly from the restructuring process under Chapter 11”, while the corporate agreements held at the Shareholders’ Meeting on January 14 “will be. Effective”.
The plan has been restructured, will help you reduce $ 1,000 million to your debt. It will also have a capital injection, by current and new investors. Nearly $ 720 million and $ 762.5 million in new debt will give it a better financial position and liquidity that will allow it to continue to grow.
Attached to the above is a Public Offering Offer (OPA), which Alinfra is about to launch and which will pay one peso for each share it buys and which will represent 49% of the outstanding share capital. With this, it is expected that the current shareholders will be almost completely diluted.
Once the capital increase and debt capitalization are completed as indicated in the restructuring plan, Delta Airlines will maintain a holding of approximately 20% of the airline’s capital stock.
In the first month of 2022, Aeroméxico shares lost 42.09% from 2.78 to 1.61 pesos.
Reference-www.eleconomista.com.mx