Aeromexico exits Chapter 11 |

Today Aeromexico announced it is emerging from its Chapter 11 bankruptcy process in the United States. Moreover, the airline announced it will receive US$1.5 billion in fresh equity from investors and that it will invest approximately US$5 billion in the next five years. Aeromexico exits Chapter 11. Aeromexico is putting behind the first Chapter 11 proceedings in its history, after nearly 20 months of entering the bankruptcy process in the United States. The Mexican flag carrier is the second one in the region to emerge from Chapter 11 after Avianca. LATAM is aiming to exit in the second half of 2022. Andrés Conesa, General Director at Aeromexico, said: "At Aeromexico, we are ready to fly with new air. Today is a very exciting day for Aeromexico, and we are ready to reach new heights as we emerge from Chapter 11. We are ready to begin a new chapter in our Company's history, supported by a strong financial base, a solid capital structure, a solid capital structure, and investors with 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, employees, and shareholders, we have successfully completed this process. As we move forward, we will not only continue to modernize our Company to be our Company to make it even more sustainable, resilient and competitive, but we will also significantly expand our network and fleet, all while continuing to provide excellent service and maintaining our position as the world's leading service and maintain our position as Mexico's flag carrier.” Investments coming Aeromexico’s Plan Equity Value is worth approximately US$2,560 billion, said the airline in a statement. Through its Chapter 11 process, the airline capitalized recognized unsecured loans (approximately $2.3 billion) and certain loans under its DIP financing (roughly US$750 million) obtained during the Chapter 11 Process. Also, it capitalized on new capital contributions of over US$700 million. Additionally, key investors are funding new debt of approximately US$762.5 billion through the emission of new dollar-denominated notes in the United States. The airline is getting approximately US$1.5 billion in fresh equity, getting recognition as a viable company into the future, added Aeromexico. Delta diluted from 49% to 20% in terms of stakeholder ownership. In the meantime, Apollo Global Management, Aeromexico’s debtor-in-possession funding provider, now has approximately 26% of the company. Aeromexico and Delta will continue with their strong partnership. However, they are currently unable to expand it due to Mexico’s air safety being graded as Category 2 by the Federal Aviation Administration (FAA). New plans Aeromexico is looking strong into the future as it aims to invest US$5 billion in the fleet and other key actions in the next five years. Moreover, Aeromexico has received 31 aircraft since 2021 and expects to receive an additional 22 through 2022. The Mexican airline aims to close the year with a fleet of 147 airplanes, with an average age of seven years. Finally, since filing for Chapter 11 bankruptcy, Aeromexico has restarted service in more than 30 routes, launched six new ones (including Guadalajara-Madrid and Monterrey-Madrid, opening new long-haul flights outside of Mexico City). Currently, Aeromexico flies 84 domestic and international routes.

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