{"id":118731,"date":"2021-11-23T13:56:09","date_gmt":"2021-11-23T13:56:09","guid":{"rendered":"https:\/?p=118731"},"modified":"2021-11-23T13:56:35","modified_gmt":"2021-11-23T13:56:35","slug":"delta-receive-new-shares-under-aeromexico","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2021\/11\/delta-receive-new-shares-under-aeromexico.html","title":{"rendered":"Delta will receive 20% new shares under Aeromexico’s restructuring plan."},"content":{"rendered":"\n

U.S. airline Delta Air Lines<\/strong> will receive a 20% stake in Aeromexico<\/strong> as part of the Mexican airline’s financial restructuring plan, according to a document from a U.S. court handling the case.<\/p>\n\n\n\n

\u2192 Agreement between Latam and Delta expands to more than 20 routes in Americas.<\/a><\/strong><\/em><\/p>\n\n\n\n

Grupo Aeromexico, which operates the country’s largest airline, was hit hard by a slump in demand due to the coronavirus pandemic, so it filed for Chapter 11 bankruptcy restructuring in mid-2020.<\/p>\n\n\n\n

“As a result, Delta will receive 20.0% of all new shares issued under the Chapter 11 Plan,” says a U.S. Southern District court document released Friday.<\/p>\n\n\n\n

\u2192 Aeromexico transforms its Gran Plan brand into Aeromexico Vacations.<\/a><\/strong><\/em><\/p>\n\n\n\n

According to the agreement, in order for Delta to have this participation, it must make an investment of US$100 million -in addition to the US$185 million it paid for the Apollo Global Management loan- which will be converted into shares, reported Reuters.<\/p>\n\n\n\n

This year, Delta acquired US$185 million in financing that Grupo Aerom\u00e9xico received from Apollo Global Management. As part of the transaction, the Mexican airline obtained a US$1 billion loan from Apollo’s funds.<\/p>\n\n\n\n

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