Voting on Plan of Reorganization Concludes with Strong Support
MEXICO CITY, Jan. 11, 2022 /PRNewswire/ -- Grupo Aeroméxico, S.A.B. de C.V. ("Aeroméxico" or the "Company") (BMV: AEROMEX) informed on December 10, 2021, that the Bankruptcy Court entered an order approving (i) the Disclosure Statement with respect to the Joint Plan of Reorganization for Aeroméxico and its subsidiaries that are debtors in the Company's Chapter 11 restructuring process (the "Plan"), and (ii) the solicitation of votes on the Plan. The solicitation process concluded on January 7, 2022, with strong creditor support throughout the Company's and such subsidiaries' debt structure. Votes on account of claims totaling approximately $2.68 billion were submitted, of which approximately 86% (or the equivalent of approximately $2.3 billion) in votes were submitted in favor the Plan. Today, a formal certification of the votes was filed with the Court, by the Court-approved solicitation and claims agent, which provided that the Company and each of its subsidiaries, except Aerovías Empresa de Cargo, S.A. de C.V ("Cargo")—a subsidiary with less than $2 million in claims in the aggregate—, obtained the required affirmative votes in favor of the Plan. The Debtors believe that certain votes were improperly cast at Cargo, and the outcome of that vote will ultimately be determined at an upcoming hearing before the Bankruptcy Court on the Company's motion to enforce certain court-approved Plan support provisions.
As resolved by the Board of Directors, at a Meeting held on December 21, 2021, a Shareholders Meeting of the Company will be held on January 14, 2022, to discuss and adopt the corporate resolutions required to effectuate the Plan, which would be subject to the occurrence of the "Effective Date" under the Plan.
The Court hearing to consider confirmation of the Plan is scheduled to begin on January 27, 2022.
The conclusion of voting and the strong support from the Company's creditors represents a key milestone in Aeroméxico's restructuring process and well-positions the Company to obtain Court approval of the Plan. Aeroméxico will continue working with all of its key stakeholders to obtain Court approval of the Plan and emerge from Chapter 11 as expeditiously as possible, following the Effective Date under the Plan.
This press release contains certain forward-looking statements that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. We use words such as "believe," "anticipate," "plan," "expect,", "intend," "target," "estimate," "project," "predict," "forecast," "guideline," "should" and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. The Company is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Grupo Aeromexico: Grupo Aeroméxico, S.A.B. de C.V. is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs. Aeromexico, Mexico's global airline, has its main operations center in Terminal 2 of the Mexico City International Airport. Its destination network has reach in Mexico, the United States, Canada, Central America, South America, Asia and Europe. The Group's current operating fleet includes Boeing 787 and 737 aircraft, as well as the latest generation Embraer 190. Aeromexico is a founding partner of SkyTeam, an alliance that celebrates 20 years and offers connectivity in more than 170 countries, through the 19 partner airlines. Aeromexico created and implemented a Health and Hygiene Management System (SGSH) to protect its clients and collaborators at all stages of its operation.
SOURCE Grupo Aeromexico S.A.B. de C.V.
Company Codes: Mexico:AEROMEX
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