Aeroméxico receives 100 million in financing for the first part of its restructuring process.
Aeromexico has received the first tranche of financing or ‘DIP Financing’ worth 100 million dollars (84.6 million euros) in the financial restructuring process that the airline began on June 30.
“The funding of the initial disbursement is an important step in the restructuring process of Aeromexico that will provide liquidity to meet our obligations in the ordinary course of business in a timely and orderly manner,” said the general director of Aeromexico, Andres Conesa, in a statement sent to the Aztec regulator.
See also: Mexico: Viva Aerobús surpasses Aeroméxico, which falls to third place in passenger traffic.
Conesa added that the additional disbursements under the DIP Financing will support the company’s operations in the ordinary course during the restructuring process. “We recognize and thank the continued support of our board of directors as well as all our shareholders,” he added.
The company explains that on the date the final order is issued approving the DIP Financing, which is expected to occur by the end of September, and subject to the fulfillment of other established conditions, the undisposed portion of the first tranche will be available in a single disposition.
See also: Aeroméxico seeks to fire 1,000 Flight Attendants.
On its side, the amount of the second tranche will be available for an initial amount of US$ 175 million (‘148.3 million) and, subject to the fulfillment of several additional conditions and objectives established in the final documentation, from which disbursements for minimum amounts of US$ 100 million (‘84.6 million) may be requested.
The airline has assured that it will continue to carry out in an “orderly” manner the voluntary process of restructuring its financial liabilities under the Chapter 11 process, while continuing to operate and offer services to its customers and to contract from its suppliers the goods and services required for the operation.
“The company will continue to take advantage of the Chapter 11 procedure to strengthen its financial situation and liquidity, protect and preserve the operation and assets, and implement the necessary adjustments to address the impact of Covid-19,” he concludes.
By EuropaPress
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