| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers G > Headlines for Grupo Aeromexico SAB de CV > News item |
Aeromexico seeks court approval of $37 million lease claim settlements
By Sarah Lizee
Olympia, Wash., Feb. 24 – Grupo Aeromexico, SAB de CV asked the U.S. Bankruptcy Court for the Southern District of New York to approve two lease claim settlements totaling around $37 million, according to court documents filed Wednesday.
Previously, the court had entered into several lease rejection orders, under which the debtors received authority to reject certain aircraft leases, including some related to the aircraft leased to debtor Aerovias de Mexico, SA de CV by JLPS Leasing Caelum Ltd. and JLPS Leasing Dorado Ltd., and Wells Fargo Trust Co., NA and Aviation Capital Group Singapore Pte. Ltd.
Following negotiations, the debtors reached an agreement with the claimants to resolve any and all rejection damages and other claims against the debtors in the Chapter 11 cases relating to aircraft and aircraft leases belonging to the claimants.
Under the settlements, JLPS and Wells Fargo will have allowed non-priority general unsecured claims of $18.75 million and $18.43 million, respectively. JLPS will also have an administrative expense claim of $71,064.
The company said that any efforts by the debtors, through litigation or otherwise, to resolve the disputes would be time-consuming and expensive, and would delay any distribution to the creditor beneficiaries of the debtors’ estates.
“A failure to resolve the matters at issue at this time could negatively impact the debtors and their estates,” the company said.
A hearing is scheduled for March 9.
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.