The Bankruptcy Court of the Southern District of New York approved Aeroméxico’s restructuring plan under Chapter 11, after the airline reached an agreement with the rest of the creditors who opposed the reorganization plan. With this, after practically a year and a half, the airline has a free hand to exit the restructuring process that began in June 2020.
Among the creditors that had opposed Aeroméxico’s plan was the firm Invictus Global Management, with which the company reached an agreement for 2 million dollars, according to a source with knowledge of the matter. In addition, an agreement was also closed with the group of creditors OpCo, which also opposed several points in the plan.
Despite the fact that in recent weeks Aeroméxico’s restructuring plan was approved by 88% of all its creditors, there were several groups that filed objections before the New York Court.
Therefore, in recent days the company reached an agreement with the group of creditors Ad Hoc, with which a negotiation was reached for 40 million dollars.
Previously, several creditors had expressed disagreement with the way in which the plan had been structured, noting that there was a preference for existing shareholders and objecting to some share payments to retain directors and shareholders such as Delta Air Lines.
Aeroméxico’s advisors in the voluntary financial restructuring process under Chapter 11 were the firms Sainz Abogados, SC, Davis Polk & Wardwell LLP, Rothschild & Co., and AlixPartners. The firms WolfBoomerang & Assoc also participated. and Sard Verbinnen & Co.
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