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Aeromexico negotiates with new investors as part of its restructuring

Mexico City, Mexico — Aeromexico already has Delta’s 49 percent stake in its capital stock. Now they hope for a “substantial” and long-term investment from new investors.

Aeromexico reported the interest of a group of Mexican shareholders and businessmen who intend to participate in the new capital that will be issued by Aeromdexico as part of its restructuring plan under US Chapter 11, for which preliminary talks have been held with creditors and potential investors.

“It is expected to be a substantial and long-term investment in full compliance with applicable laws in Mexico regarding foreign investment,” the airline said in a statement sent to the Mexican Stock Exchange (BMV).

Aeromexico already has foreign investors, as the US company Delta has a 49 percent stake in its capital stock, the limit allowed by the Foreign Investment Law for regular national air transport.

Although the restructuring under Chapter 11 opens up new opportunities for the airline’s creditors to convert their debt into shares, as is the case with the Apollo Global Management fund, Delta has entered into making some commitments such as the case of $185 million USD of the guaranteed preferential financing granted to Aeromexico.

In addition to Delta, to date, businessmen Eduardo Tricio Haro, José Antonio Tricio Haro and Valentín Diez Morodo are holders of between 1 percent and 10 percent of the company’s outstanding shares, according to the BMV.

“To date, Aeromexico is not aware that any agreement has been entered into and, in due course, it will report on the conclusion of any agreement that may be formalized.”

Grupo Aeromexico reported that a group of Mexican shareholders and businessmen seeks to participate in a long-term and controlling investment of new capital that the company will issue as part of its restructuring plan.

“It is expected to be a substantial investment … in full compliance with applicable laws in Mexico regarding foreign investment,” the airline said in their BMV statement.

Aeromexico has been in a restructuring process for a year under Chapter 11 of the US bankruptcy law.

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