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Bond Market News
Aeromexico Shareholders Approve Proposal for Stock Exchange Exit for Restructuring
June 30, 2022
As part of bankruptcy restructuring, the majority of Aeromexico’s shareholders approved the proposal to exit the Mexican Stock Exchange. In March, the company exited bankruptcy protection and planned to spend $5bn by 2027 for fleet modernization and other upgrades. Post Chapter 11 bankruptcy proceedings, Delta Airlines’ stake fell from 49% to 20% and Apollo Global Management became the largest shareholder. Katie Coleman, co-chair of law firm Hughes Hubbard & Reed’s said, “In negotiating with aircraft leasing companies, Aeromexico was able to really optimize their fleet as a result, Aeromexico’s delisting was outlined in the registration rights agreement in the Chapter 11 proceedings and the old shares are cancelled, and the new shares of a company are issued as per Mexican law requirements to delist as part of that process.”
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