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Aeromexico gets exclusivity extension with cases ‘in the homestretch’
By Sarah Lizee
Olympia, Wash., Dec. 14 – Grupo Aeromexico, SAB de CV secured an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.
Specifically, the court extended the plan filing period through Dec. 30 and the solicitation period through Feb. 28.
As previously reported, the company filed an amended Chapter 11 plan after it had 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 the motion seeking the extension that its Chapter 11 cases are in the homestretch, and allowing the exclusive periods to lapse could needlessly hinder its ability to successfully reorganize to the detriment of its estates, creditors, and all other stakeholders in the cases.
“The debtors and the various constituencies in these Chapter 11 cases have invested an incredible amount of time and effort – at a substantial cost to the debtors’ estates – negotiating a consensual, value-maximizing exit from bankruptcy, as memorialized in the debtors’ plan,” the company said in its motion.
Notably, an informal group of OpCo creditors has objected to the plan and said it has an alternative proposal. The group said Aeromexico has not engaged with it regarding the alternative plan.
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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