Aeromexico shrinks through bankruptcy with deal to slash Boeing orderbook
Aeromexico is doing the work in Chapter 11 bankruptcy protection. The Mexican carrier has renegotiated labor agreements, secured up to $1b in new debtor-in-possession funding, and pruned its fleet to 106 aircraft. But that’s not all for the Mexico City-based carrier. The airline and Boeing have reached a deal to slash its orderbook and in the process saving Aeromexico almost $2b in future capital expenditures. All of this while continuing its shift towards new, more efficient aircraft, namely the Boeing 737 Max. Before the US bankruptcy court judge in New York is a plan to replace the 54 737 Max commitments Aeromexico had before the crisis with an order for just 20 737-8s and -9s, court filings show. All of the Maxes from Boeing will be financed with sale-and-leaseback transactions that have yet to be finalized. In addition, the airline has a deal with Air Lease Corp. to add another four 737 Maxes and four Boeing 787-9s. If approved, all of the jets will be delivered by the end of 2022. In addition, the judge will review separate rejigged agreements with AerCap and other lessors that together will save Aeromexico another $800 million in lease-related expenses. “This continues [Aeromexico’s] process of realigning the composition of their fleet with expected operations and adding more fuel- and cost-efficient Boeing 737 Max aircraft that will offer an upgraded customer experience and improved profitability,” the airline said in the court filing on April 24.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2021-04-28/oneworld/aeromexico-shrinks-through-bankruptcy-with-deal-to-slash-boeing-orderbook
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Aeromexico shrinks through bankruptcy with deal to slash Boeing orderbook
Aeromexico is doing the work in Chapter 11 bankruptcy protection. The Mexican carrier has renegotiated labor agreements, secured up to $1b in new debtor-in-possession funding, and pruned its fleet to 106 aircraft. But that’s not all for the Mexico City-based carrier. The airline and Boeing have reached a deal to slash its orderbook and in the process saving Aeromexico almost $2b in future capital expenditures. All of this while continuing its shift towards new, more efficient aircraft, namely the Boeing 737 Max. Before the US bankruptcy court judge in New York is a plan to replace the 54 737 Max commitments Aeromexico had before the crisis with an order for just 20 737-8s and -9s, court filings show. All of the Maxes from Boeing will be financed with sale-and-leaseback transactions that have yet to be finalized. In addition, the airline has a deal with Air Lease Corp. to add another four 737 Maxes and four Boeing 787-9s. If approved, all of the jets will be delivered by the end of 2022. In addition, the judge will review separate rejigged agreements with AerCap and other lessors that together will save Aeromexico another $800 million in lease-related expenses. “This continues [Aeromexico’s] process of realigning the composition of their fleet with expected operations and adding more fuel- and cost-efficient Boeing 737 Max aircraft that will offer an upgraded customer experience and improved profitability,” the airline said in the court filing on April 24.<br/>
