Aeroméxico reported that the Bankruptcy Court of the Southern District of New York, in charge of the financial restructuring process under Chapter 11 that the company has been under since 2020, approved a 75-day extension for the company to present its restructuring plan.
In a statement sent to the Mexican Stock Exchange (BMV), the airline said that the Court "approved the extension as a result, among other reasons, of the progress that the company has achieved with its restructuring."
"Aeroméxico will continue to carry out, in an orderly manner, its voluntary financial restructuring process under the Chapter 11 process, while continuing to operate and offer services to its customers and to contract from its suppliers the goods and services required for its operation," he said. in the document.
According to one of the annexes of the documentation presented at a hearing on June 21, the extension was initially intended to be 122 days until October 25. However, the airline's request ended up being 75 days, with a deadline of October 8.
Aeromexico began the financial restructuring process under Chapter 11 on June 30, 2020 due to the effects of the COVID-19 pandemic, which led the airline industry to its worst crisis in history.
As part of this process, the airline has obtained a guaranteed preferential financing from the Apollo Global Management fund for 1 billion dollars, and has made other contractual modifications in the acquisition of fleet and labor matters.
