EconomyFinancialDelta assumes $ 185 million in funding from Aeromexico...

Delta assumes $ 185 million in funding from Aeromexico under Chapter 11

The United States airline Delta will acquire 185 million dollars (million dollars) in commitments of the second tranche of the guaranteed preferential financing (DIP financing) that Aeroméxico obtained from the investment fund Apollo Global Management as part of its restructuring under Chapter 11, which began on June 30. 2020.

In a statement sent to the Mexican Stock Exchange (BMV), Aeroméxico reported that the Board of Directors received the notification from the US airline, thereby assuming part of the commitments of the second tranche of DIP financing, which amounts to 800 million dollars ( out of a total of $ 1 billion) already disbursed in two tranches.

"Delta indicated in its notice that said decision is in support of its strategic relationship with Aeromexico and support of the company's efforts in its restructuring process," Aeroméxico said in the document.

A year has passed since Aeroméxico voluntarily initiated a financial restructuring process under Chapter 11 of the US Bankruptcy Code.

As part of this process, the airline has been able to renegotiate labor contracts and with its suppliers to reduce costs, in addition to obtaining financing that has allowed it to carry out the restructuring without ceasing operations.

The airline recently obtained a 75-day extension to present its final restructuring plan to the Bankruptcy Court for the Southern District of New York, which extends the deadline until October 8.

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