© Reuters. Aeromexico aeroplanes are pictured on the airstrip at Benito Juarez international airport in Mexico City
By Noe Torres
MEXICO CITY (Reuters) – Mexican airline Aeromexico said on Tuesday it had begun restructuring under Chapter 11 proceedings, the latest Latin American airline to run into serious trouble as the coronavirus pandemic wreaks havoc on tourism and business travel.
In a statement, Aeromexico categorized the Chapter 11 process as “voluntary” and said it was sticking to its goals of boosting operations in the coming weeks.
Aeromexico said it was maintaining its plan of quadrupling its international flights and doubling domestic flights next month as the coronavirus lockdown eases.
Tickets, reservations, electronic vouchers and Premier Points remain valid, the airline said.
Aeromexico said it was in talks to obtain new, preferential financing as part of the Chapter 11 restructuring, so-called debtor-in-possession financing.
Investment holding company Aimia Inc (TO:) threw Aeromexico a $50 million financial lifeline on Monday, after loaning it another $50 million in May.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.