Aeromexico gets proposal from stakeholders; will file amended plan

By Sarah Lizee

Olympia, Wash., Nov. 12 – Grupo Aeromexico, SAB de CV said that it has received a joint proposal from the lenders under tranche 2 of its debtor-in-possession financing facility and from existing creditors and new money investors.

The company said in a Friday morning press release that the proposal has the support of strategic partner Delta Air Lines and provides an implementable solution, through a solid group of long-term Mexican investors, to comply with foreign ownership requirements.

The board of directors of the company has approved, among other matters, instructions for the company’s restructuring advisers to prepare, in coordination with advisers for the key stakeholders, a revised version of the Chapter 11 joint plan of reorganization and the related disclosure statement reflecting the terms of the proposal.

The hearings to approve the disclosure statement and confirm the plan have been adjourned to a new date to be set by the bankruptcy court.

Aeromexico said the proposal represents a key milestone under its restructuring process.

The company said it will continue working with all of its key stakeholders to finalize and file the plan documents, obtain court approval of the plan, solicit votes once the disclosure statement is approved and emerge from the Chapter 11 process as expeditiously as possible.

Grupo Aeromexico, a holding company for commercial aviation, is based in Mexico City. The company filed Chapter 11 on June 30, 2020 in the U.S. Bankruptcy Court for the Southern District of New York under case number 20-11563.

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