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Aeromexico shareholders back capital increase in restructuring plan

01/17/2022 | 12:35pm EDT
FILE PHOTO: An Aeromexico Boeing 737 MAX 9 fuselage, part of the new airplanes incorporated to its fleet, is pictured at the Benito Juarez International airport, in Mexico City

MEXICO CITY (Reuters) - Mexican carrier Aeromexico said on Monday that its shareholders have approved a capital increase as part of its restructuring plan to emerge from bankruptcy.

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.

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.

Aeromexico's 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's largest stakeholder.

Delta Air Lines Inc, which had controlled a majority of Aeromexico before the bankruptcy, will hold roughly a fifth of its stock coming out of bankruptcy.

Aeromexico has 682.1 million shares in circulation. Existing equity shareholders will see their stakes essentially wiped out.

Aeromexico also said shareholders had agreed to issue another 68.2 trillion shares, which will remain in the company's treasury.

A company spokesperson declined to comment on the decision.

Aeromexico, which was hit hard in 2020 by the coronavirus pandemic, declared Chapter 11 bankruptcy before a U.S. court in July 2020.

Last week, Aeromexico said creditors had approved the company's restructuring plan in a Jan. 7 vote.

The plan now faces approval of the U.S. bankruptcy court Jan. 27, according to Aeromexico.

The company's 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.

After the announcement Monday, Aeromexico stocks rose 5.38% to 1.96 pesos.

(Reporting by Kylie Madry; Editing by Leslie Adler)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APOLLO GLOBAL MANAGEMENT, INC. -1.27% 53.51 End-of-day quote.-26.12%
DELTA AIR LINES, INC. 6.68% 40.72 Delayed Quote.4.20%
GRUPO AEROMÉXICO, S.A.B. DE C.V. 0.89% 343.54 End-of-day quote.12,257.55%
ON SEMICONDUCTOR CORPORATION 6.07% 58.5 Delayed Quote.-13.87%
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Analyst Recommendations on GRUPO AEROMÉXICO, S.A.B. DE C.V.
More recommendations
Sales 2022 60 943 M 3 050 M 3 050 M
Net income 2022 1,38 M 0,07 M 0,07 M
Net Debt 2022 65 131 M 3 259 M 3 259 M
P/E ratio 2022 34 014x
Yield 2022 -
Capitalization 46 867 M 2 345 M 2 345 M
EV / Sales 2022 1,84x
EV / Sales 2023
Nbr of Employees 13 029
Free-Float 100%
Duration : Period :
Grupo Aeroméxico, S.A.B. de C.V. Technical Analysis Chart | AEROMEX * | MX01AE010005 | MarketScreener
Technical analysis trends GRUPO AEROMÉXICO, S.A.B. DE C.V.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus SELL
Number of Analysts 1
Last Close Price 343,54 MXN
Average target price 5,00 MXN
Spread / Average Target -98,5%
EPS Revisions
Managers and Directors
Andrés Conesa Labastida Chief Executive Officer & Executive Director
Ricardo Javier Sánchez Baker Chief Financial Officer & Executive Vice President
Francisco Javier de Arrigunaga Gómez del Campo Chairman
James W. Sarvis Chief Operations Officer & Executive VP
Claudia Angélica Cervantes Muñoz Senior Vice President-Legal Affairs & Compliance
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