Aeromexico financing plan ready in 4 to 6 weeks, CEO says

Grupo Aeromexico SAB’s financing plan under its Chapter 11 bankruptcy protection filing could be ready in the next four to six weeks, CEO Andres Conesa said. The voluntary filing will allow the company to weather the coronavirus pandemic however long it may last, Conesa said Wednesday. Aeromexico’s bankruptcy protection filing came after the carrier saw the number of passengers it flew plummet more than 90% as governments grounded flights and travellers stayed home. Airlines in Latin America, unlike their counterparts in the US and Europe, have received scant government support. “We’re solvent, we have assets, but we haven’t been able to tap financial markets over the past three months,” Conesa said. “This will allow us to access better financing that we wouldn’t get otherwise.” Since the pandemic started, the carrier has had to dole out 1.5b pesos ($65.8m) to repay debt, Conesa said. Aeromexico’s total debt reached $1.9b and 7.9b pesos, according to the first day petition filed on Wednesday before the court.<br/>