January 28, 2022 | 4:15 pm
The Bankruptcy Court for the Southern District of New York approved a restructuring plan for Air Mexico, which will allow the company to exit Chapter 11 of the US bankruptcy code it filed in 2020.
According to Bloomberg, the authorization was made after the airline reached a last-minute deal with various small creditors, including an “ad hoc” group he chairs. Invictus Global Management, which on January 26 filed an objection to the airline’s plan.
The group argued that the plan could not be approved because it violated various aspects of bankruptcy law United StateGiving preference to some creditors in redemption and authorizing transfers of value that are not permitted between some members of the Board of Directors.
according to plan Air Mexico It is to reduce the amount of your debt, as well as to save 13,000 jobs.
The plan envisages that Delta will own about 20% of the company after the restructuring, while Apollo Global Management will own 22.38% and a group of Mexican investors – consisting of Eduardo Trisio, Antonio Cosio, Valentin Deez Morrodo and Jorge Esteve will own 4.1%.
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