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Published on Wednesday, July 1, 2020

Aeromexico latest carrier to file for bankruptcy



Mexican airline Aeromexico becomes the third major Latin American airline to end up in bankruptcy court.


It said it has begun restructuring under Chapter 11 protection as the pandemic continues to hammer airlines across the region.


The airline will continue its recovery plan by increasing domestic flights and resuming a large number of international services as borders reopen.





Aeromexico will 'use Chapter 11 as a way to strengthen its financial position and liquidity', it told the stock exchange in a filing.


It is another blow to Delta Air Lines, which is a major Aeromexico shareholder.


Delta's other major partner in the region LATAM also filed for bankruptcy; just weeks after Colombia's Avianca Holdings did the same.


Delta holds a 49% stake in Aeromexico and 20% in LATAM.


Aeromexico said it is in discussions for new financing.


The pandemic has hit the region extremely hard with little to no financial help from governments.


 

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