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Sat, Mar 19, 2022

Grupo Aeromexico Completes Chapter 11 Restructure

Airline Kickstarts Recovery with Growing Fleet, Added Routes, Boosting Capacity 

The embattled aviation company has completed its court-approved reshuffling, allowing it to continue providing its services and restart certain international routes going forward. 

Aeromexico continues as Mexico's flagship airline, and reassures passengers that it will soon return to its previous high-water mark. In the near future, it plans to invest more than $5 billion in fleet upgrades and quality of life improvements aimed at revamping the customer experience. Aeromexico will continue to honor miles programs, restart service on more than 30 legacy routes, and open 6 new ones in the imminent future. 

The reorganized company is valued at around $2.5 billion, with a variety of shareholders that include Apollo Global Management, Delta Airlines, and a series of smaller independent capital funds. A new board has been convened comprised of a majority of Mexican nationals, with participation of existing investors like Chairman of the Board, Javier Arrigunaga and CEO, Andres Conesa. As they seek to maximize profitability, they anticipate a greatly strengthened position thanks to an increase in total seat offerings and expanded service. Through 2022, Aeromexico intends to receive another 22 aircraft, ending the year with nearly 150 planes less than 7 years old. That fleet makes for a 320% increase in available seating over capacity in 2020. 

"Today is an incredibly exciting day for Aeromexico and we are ready to soar to new heights as we emerge from Chapter 11, said CEO Andres Conesa. "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. Thanks to the dedication of the entire talented Aeromexico family, as well as the support, trust, and empathy of our customers, unions, authorities, suppliers, and business partners, we have successfully completed this process. As we move forward, we will not only continue to streamline our Company to become even more sustainable, resilient, and competitive, but we will also significantly expand our network and fleet – all while offering excellent service and maintaining our position as Mexico’s flagship airline."

FMI: www.aeromexico.com

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