Grupo Aeromexico is talking to prospective lenders who could replace Apollo Global Management in its bankruptcy rescue, according to people familiar with the matter. Apollo funded a $1b rescue plan for the airline last year. Under the pact, it will be able to covert its loan into equity when the company reemerges from bankruptcy. The discussions, which are expected to continue into mid-June, are meant to gauge an accurate valuation of the company once it emerges from bankruptcy, one person said, asking not to be identified discussing private matters. Apollo is aware of the move and has a “right of first refusal,” meaning it can choose whether or not to accept any offers to be replaced as a lender, one of the people said. If Apollo were to stay and convert its loans into equity, the new valuation would help determine the price at which it would do so, the person said. The $1b rescue plan for the struggling airline is divided into two tranches. Apollo led the financing for both, while minority bondholders were involved only in the first tranche, worth $200m. The bondholders also have an option to convert their loans into equity.<br/>