{"id":120842,"date":"2022-01-17T21:00:00","date_gmt":"2022-01-17T21:00:00","guid":{"rendered":"https:\/?p=120842"},"modified":"2022-01-17T23:42:25","modified_gmt":"2022-01-17T23:42:25","slug":"aeromexico-shareholders-back-capital-increase","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2022\/01\/aeromexico-shareholders-back-capital-increase.html","title":{"rendered":"Aeromexico shareholders back capital increase in restructuring plan."},"content":{"rendered":"\n

Mexican carrier Aeromexico<\/strong> said on Monday that its shareholders have approved a capital increase as part of its restructuring plan to emerge from bankruptcy.<\/p>\n\n\n\n

In two meetings held on Friday, shareholders agreed to hike the share capital by $4.267 billion, which is subject to a third party making a public tender offer of its current shares.<\/p>\n\n\n\n

\u2192 Aeromexico inaugurates direct flight between Guadalajara and Madrid.<\/a><\/strong><\/em><\/p>\n\n\n\n

The increase will come from the issuance of some 682 trillion common shares, which will be paid for through a $3.44 billion debt capitalization and an $828 million injection, Reuters<\/a> reported.<\/p>\n\n\n\n

Aeromexico\u2019s biggest creditor in its U.S. Chapter 11 case, Apollo Global Management, will swap its debt into equity as part of the reorganization, becoming the airline\u2019s largest stakeholder.<\/p>\n\n\n\n

Delta Air Lines, which had controlled a majority of Aeromexico before the bankruptcy, will hold roughly a fifth of its stock coming out of bankruptcy.<\/p>\n\n\n\n

Aeromexico has 682.1 million shares in circulation. Existing equity shareholders will see their stakes essentially wiped out.<\/p>\n\n\n\n

\u2192 Aeromexico passenger traffic reaches highest level since beginning of the pandemic.<\/a><\/strong><\/em><\/p>\n\n\n\n

Aeromexico also said shareholders had agreed to issue another 68.2 trillion shares, which will remain in the company\u2019s treasury.<\/p>\n\n\n\n

Aeromexico declared Chapter 11 bankruptcy before a U.S. court in July 2020.<\/p>\n\n\n\n

The plan now faces approval of the U.S. bankruptcy court Jan. 27, according to Aeromexico.<\/p>\n\n\n\n

The company\u2019s shares have sharply fluctuated over the past month since it said it would sell its outstanding shares to an unnamed third party for 0.01 Mexican peso each.<\/p>\n\n\n\n

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