The Mexican airline Aeroméxico received a New York Bankruptcy Court approval to eliminate $1.1 billion debt, by giving Aeroméxico’s stakes to Apollo Global Management.
After 20 months of being in the restructuring process, the Mexican airline would be officially leaving the process.
With this Aeroméxico’s shares emission, the carrier’s shareholding composition would be as follows: Apollo will have 22.4%, Delta Airlines will go from a 51% to 20%, the Mexican shareholders will have 4.1%, and the rest would be between new investors and creditors who capitalize their recognized credits.
Earlier this month, shareholders approved a $4.27 billion capital increase.
In this sense, Aeroméxico will release more than 682 billion new shares that will be paid by capitalizing $3.4 billion in liabilities and injecting $828 million.
According to El Financiero, Aeroméxico’s executive director, Andrés Conesa; its financial director, Ricardo Sánchez Baker; and, its president, Javier Arrigunaga, will remain in their current functions.
Aeroméxico shareholders had also previously confirmed Arrigunaga, Conesa, Valentín Díez Morodo, Antonio Cosío Pando, Jorge Esteve Recolons, Eduardo Tricio Haro and Guillermo Pascua III as members of the director’s board.
The new board members are Antoine Munfakh and Bogdan Ignaschenko from Apollo, as well as Glen Hauenstein from Delta and Andrés Borrego from Credit Suisse.
Finally, 2 places remain free in the airline’s directory, which will be filled later.
Aeroméxico’s Projections
At the end of 2021, Aeroméxico transported more than 16.5 million passengers, thus becoming the second airline with the highest number of passengers transported.
By the end of 2025, the Mexican airline plans to mobilize more than 32 million passengers, doubling the number of passengers it transported in 2021.
Aeroméxico’s financial restructuring plan also contemplates an addition of 36 aircraft between 2022 and 2024.
Aeroméxico Increases Operations in Campeche
As of April 1st, Aeroméxico will increase 4 frequencies on the Campeche – Mexico City route, operating a total of 11 weekly flights, which represents an operations increase of 57% with an offer of 2,178 weekly seats.
In a press release, the Mexican airline indicated that this increase is part of the carrier’s strategy to strengthen its presence in the domestic market, as well as to continue contributing to the tourism reactivation in the main cities in the country, including beach destinations.
Since last December, Campeche is part of the 12 destinations offer that Aeroméxico operates to and from Terminal 1 at the Mexico City International Airport.
