Aeromexico Says Bankruptcy Process Completed, Pledges $5 Billion Investment

0

MEXICO CITY, March 17 (Reuters) – Mexican airline Grupo Aeromexico (AEROMEX.MX) said on Thursday it had successfully concluded its financial restructuring and completed its Chapter 11 bankruptcy process, concluding a trial for almost two years.

The company also said it would spend $5 billion over the next five years on its aircraft fleet and “other relevant actions to consolidate improvements in the customer and employee experience.”

Aeromexico has detailed plans to receive 22 more aircraft in 2022, bringing its total aircraft fleet to 147 by the end of the year. The company signed a deal to buy 28 planes from Boeing last year, which it said would result in savings of $2 billion. Read more

Join now for FREE unlimited access to Reuters.com

Register

In a press release, the carrier said it would also restart some international routes and open new ones, including restarting services to London.

“Today is an incredibly exciting day for Aeromexico and we are poised to reach new heights as we emerge from Chapter 11,” said the company’s chief executive, Andres Conesa.

“We look forward to opening a new chapter in our company’s history, supported by a solid financial base, a solid capital structure and investors who have full confidence in our future,” said Conesa.

Join now for FREE unlimited access to Reuters.com

Register

Reporting by Noe Torres and Laura Gottesdiener; Written by Kylie Madry; Editing by Anthony Esposito and Tim Ahmann

Our standards: The Thomson Reuters Trust Principles.

Share.

About Author

Comments are closed.