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Aeromexico still participating in mediation about DIP loan materials
Chicago, Aug. 27 – Grupo Aeromexico, SAB de CV announced that it continues to participate in the mediation regarding delivery of final valuation materials under its DIP financing, according to a press release Friday evening.
Under its senior secured superpriority debtor in possession term loan facility, the company needs to deliver final valuation materials to its DIP lenders in advance of filing a plan of reorganization.
Under the DIP facility, the company had to deliver such materials by Aug. 23.
Considering that the company and key stakeholders continue to participate in the process of mediation, conducted by Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York and as authorized by the court presiding over Aeroméxico's Chapter 11 voluntary financial restructuring process, the company has made the decision to continue discussing with the other parties in good faith to finalize the valuation materials and other key next steps in Aeroméxico's Chapter 11 cases.
Aeroméxico intends to complete and send such final valuation materials during the 30-days grace period under the DIP facility.
On Friday, the company sent notice to the DIP lenders under the DIP facility informing them that it will take the benefit of the grace period and intends to finalize and send the valuation materials as soon as practicable.
Aeroméxico has the intention to file, in due course, a plan of reorganization within the timeline contemplated under the DIP facility's bankruptcy milestones.
The company has a court date Monday regarding a final hearing on lease agreements with DAE.
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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