Grupo Aeroméxico received a joint proposal from its lenders under tranche two of its debtor-in-possession financing facility and from certain existing creditors and new money investors with whom the company was prepared to enter into commitment papers upon bankruptcy court approval thereof.
The alliance proposal has the support of Grupo Aeroméxico’s strategic partner, Delta Air Lines, and provides an implementable solution through a group of long-term Mexican investors to comply with foreign ownership requirements. The board of directors of Aeroméxico has approved, among other matters, instructing the company’s restructuring advisors to prepare, in coordination with advisors for the key stakeholders, a revised version of the Chapter 11 joint plan of reorganization and the disclosure statement with respect to the plan, including any supplements and exhibits related thereto, reflecting the terms of the alliance proposal.
The hearing to approve the disclosure statement and the hearing to confirm the plan have been adjourned to a new date to be set in due course by the bankruptcy court.
The foregoing represents a key milestone under the company’s restructuring process. Aeroméxico will continue working with all of its key stakeholders to finalize and file the plan documents, obtain court approval of the plan, solicit votes in favor of the plan once the disclosure statement is approved and emerge from the Chapter 11 process as expeditiously as possible.
