United States.- This Friday, the Bankruptcy Court for the Southern District of New York (United States) endorsed the financial restructuring plan of the Mexican company Grupo Aeroméxico, after reaching an agreement with most of its creditors.
Just in recent days, the airline managed to reach an agreement with a group of minor creditors, whose debt was not guaranteed, with the aim of removing their objection to the plan under Chapter 11, according to what was released by the agency Reuters.
In the hearing that took place this Friday, January 28, the Judicial Power of the United States authorized the Mexican airline to begin with the changes that are required for its restructuring and, with it, strengthen its finances, which are are vulnerable as a result of the Covid-19 pandemic.
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Last week, Grupo Aeroméxico made it public knowledge that 88% of his creditors were in favor of his financial restructuring plan to emerge from bankruptcy under US law, for which he proceeded to seek approval from the Bankruptcy Court of the Southern District of New York.
It was in 2020 when the airline of the Mexican Republic submitted its request for financial restructuring under Chapter 11 of the US Bankruptcy Law, derived from the economic damages it suffered due to the SARS-CoV-2 health contingency.
The group of minor creditors had assumed a positioning against the restructuring plan of the airline Aeroméxico, this when considering that the payment of a few cents per dollar of their liabilities was very little, hence they decided to protest to obtain better compensation from the company.
Aeroméxico had obtained the support of the eight classes of creditors that have the power to vote on the plan under Chapter 11, which represent about 88% of the total amount of credits,
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The company’s restructuring project contemplates the injection of new capital into the company, converting Apollo Global Management in the largest shareholder, while reducing the debt of one billion dollars, which in turn would save about 13 thousand jobs.
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