Creditors greenlight Aeroméxico’s restructuring plan
Creditors of Grupo Aeroméxico have overwhelmingly voted in favour of its restructuring plan, which the company says represents “a key milestone” and positions it well to obtain court approval of the plan and emerge from Chapter 11 as soon as possible.
The next steps will be a shareholders meeting on January 14, 2022, to discuss and adopt the corporate resolutions required to implement the plan; and a hearing of the US Bankruptcy Court in the Southern District of New York to consider the confirmation of the plan on January 27, 2022.
In a statement on January 11, Grupo Aeroméxico said creditors’ voting on the plan had concluded on January 7. An overwhelming majority of 86% (the equivalent of about USD2.3 billion of USD2.68 billion worth of creditors’ claims) voted in favour of the plan.
Formal certification of the votes was filed with the Bankruptcy Court on January 11. It confirmed that Grupo Aeroméxico and each of its subsidiaries – except Aeroméxico Cargo (México City Int’l), a subsidiary with less than USD2 million in claims – had obtained the required positive votes.
“The debtors believe that certain votes were improperly cast at [Aeroméxico] Cargo and the outcome of that vote will ultimately be determined at an upcoming hearing before the Bankruptcy Court on the company’s motion to enforce certain court-approved plan support provisions,” the statement said.
As reported earlier, the upcoming shareholders meeting is expected to approve several resolutions to implement the airline’s Chapter 11 exit plan, including a capital increase, the capitalisation of debt, and an injection of new capital.
A new offer by Alinfra S.C. for 49% of Grupo Aeroméxico is to be completed after the restructuring plan is confirmed at the shareholders’ meeting.
According to the restructuring plan, Aeroméxico is to raise about USD720 million of new capital and USD762.5 million of new debt, in addition to the capitalisation of a large portion of its debt, which is to give it enough liquidity to emerge from Chapter 11 bankruptcy protection.