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Group Aeromexico announced today that the company and some of its subsidiaries have begun a voluntary financial restructuring process under the Chapter 11 in the U.S.
Like Avianca Holding and LATAM Airlines Group, Aeroméxico intends to use the restructuring process of the Chapter 11 to strengthen its financial position and implement the necessary operational adjustments to face the impact of COVID-19 and create a sustainable platform for the future.
“Our industry faces unprecedented challenges stemming from a significant reduction in passenger demand,” said Andrés Conesa, General Director of Aeromexico. “We are committed to adopting the necessary measures to operate efficiently in this new reality and to be better prepared for a successful future after this pandemic.. With the Chapter process 11 We expect to strengthen our financial position and increase our liquidity, creating at the same time a sustainable platform that allows us to successfully navigate global economic uncertainty.”
The operations of Aeromexico continue. For this month of July, the Company will increase its presence in the domestic market to almost double the number of flights compared to the previous month. further, estimates that it will increase its international operation to almost four times more compared to the month of June. Aeroméxico is committed to growing its operation safely in the coming months, in line with local regulations and expected passenger demand.
business continuity
The process under the Chapter 11 It is designed so that companies can maintain their operations, so all the tickets, reservations, electronic vouchers and Premier Points remain valid in accordance with the current terms and conditions. The Company will continue to operate as normal and in accordance with its permits and concessions during this process..
The Company does not expect that there will be changes in the daily tasks and responsibilities of its employees., They will continue to receive their salary and benefits as usual. Aeroméxico also intends to continue contracting goods and services from its suppliers and expects to maintain the commercial agreements in force with various airlines., including its strategic alliance with Delta Air Lines through its Joint Collaboration Agreement.
Aeroméxico is also in talks to contract a new preferential financing for the Company, as part of the restructuring within the reorganization procedure (acquaintance, for its acronym in English, como DIP financing). Aeroméxico is confident that it will finalize the formal commitments for the DIP financing that, together with the available cash of the Company and subject to the approval of the Court, provide sufficient liquidity for Aeroméxico to meet its future obligations.
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