Aeromexico has emerged from Chapter 11 bankruptcy following a 21-month restructuring process.
The reorganized company is valued at $2.56 billion, Aeromexico said in a statement on Thursday. Its largest shareholder is New York-based Apollo Management Holdings, which lent the airline $1 billion early in the bankruptcy process.
Delta, which jointly operates flights between the U.S. and Mexico with Aeromexico, now owns 20% of the airline, down from the 49% it owned pre-bankruptcy.
Aeromexico, which continued operations throughout the restructuring, currently flies 84 routes. The carrier is flying 15 U.S. routes this month to the U.S. from Mexico City and Guadalajara, Cirium flight schedule data shows.
“We look forward to starting a new chapter in our company’s history, backed by a sound financial base solid capital structure, and investors who have full confidence in our future,” CEO Andres Conesa said.
Source: Read Full Article