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Judge Michael Wiles confirmed Aeromexico's joint plan on February 4, 2022, approving the restructuring transactions, new stock issuance, equity financing, debt financing, and New First Lien Notes as core plan mechanics source filing. The final amended plan included $762.5 million of New First Lien Notes, $600 million of New Stock to be purchased by equity investors, a $100 million Delta stock purchase, and an Apollo settlement that provided 22.38% of new stock, $150 million of cash, and accrued Tranche 2 DIP interest treatment source filing.
The plan became effective on March 17, 2022, moving the airline out of Chapter 11 and starting the post-effective-date claims clock source filing. Administrative expense claimants, other than excluded categories such as already allowed claims, DIP facility claims, professional fee claims, priority tax claims, and specified commitment-related fees, had until April 16, 2022 to file and serve proofs of claim or face discharge and disallowance source filing. For restructuring professionals, the key point is that Aeromexico exited through a sponsored recapitalization, not a sale or liquidation.
Grupo Aeromexico opened Chapter 11 in the Southern District of New York on June 30, 2020, seeking joint administration with Aerovias de Mexico, Aerolitoral, and Aerovias Empresa de Cargo source filing. The case landed as a pandemic airline restructuring rather than a pre-COVID operating collapse: CFO Ricardo Javier Sanchez Baker said Aeromexico was Mexico's leading airline, serving 84 global destinations and averaging 573 daily passenger flights before COVID-19, but passenger demand fell sharply enough to overwhelm liquidity actions source filing.
At filing, the debtors had 14,744 employees, 118 active passenger aircraft, 91 leased aircraft, $159.3 million of cash, approximately $1.98 billion plus Ps.7.89 billion of financial debt, and $1.3 billion of aircraft lease liabilities source filing. Delta was a central stakeholder through its equity position and U.S.-Mexico joint cooperation agreement, while the debtors entered with Davis Polk, AlixPartners, Rothschild, SkyWorks, Cervantes Sainz, and Epiq in core advisory roles source filing. The first-day posture was operational preservation: continue cash management, keep flights and health protocols moving, and use Chapter 11 leverage to renegotiate or reject aircraft leases.
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