Interjet’s plan to fly again in 2022.
A business plan that aims to put Mexico’s troubled Interjet back in the skies in 2022 is ready, according to the firm the airline hired to advise on restructuring $1.25 billion in debt.
Partner Igor Marzo said his firm reached memorandums of understanding with several aircraft lessors, many of which are based in Europe and had previously worked with Interjet. Contracts with them could be signed as soon as next month, but would need final approval from the judge overseeing the bankruptcy proceedings in Mexico. At least 10 U.S. investors have shown interest in injecting new funds into the airline with likely initial commitments of around $250 million, Marzo said.
The airline did not comment directly on the plan outlined by Argoss, which has completed the first phase of the restructuring with Interjet and seeks to continue working with the company, Bloomberg reported.
“There are very serious conversations with investment funds that will soon materialize, as well as a constant dialogue with the different suppliers and the workers themselves,” Interjet said in a statement. “We will be flying again very soon.”
The future remains uncertain for Interjet, with pending labor problems and local rivals such as Viva Aerobus, Aeromexico and Volaris ramping up capacity as the market recovers from the worst months of the pandemic. Former lessors may be tempted to work with the Mexican airline again, as they have a surplus of planes they need to use, but the company’s rocky history could make them hesitate.
“It’s going to be tough. Interjet has missed critical time,” said George Ferguson, senior aerospace, defense and airlines analyst at Bloomberg Intelligence. “The Interjet story has been going on for a while now. I think there’s very little value in the name.”
Interjet’s shareholders approved a request for bankruptcy protection in April. The company is aware of two other bankruptcy proceedings initiated by different parties, but all claims have been integrated into a single case.
Part of Interjet’s surviving fleet has been undergoing maintenance work at the airline’s Toluca facility in the State of Mexico for the past two months, said Argoss partner Carlos Ortiz-Canavate.
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