Unsecured creditors in Aeromexico’s US bankruptcy reorganization oppose a modified plan that, they claim, unfairly benefits Delta and other more senior creditors. The unsecured creditors committee argue that the plan, which includes nearly $1.5b in new equity and debt and estimates an enterprise value of $5.4b, understates the value of Aeromexico, according to documents filed with the US Bankruptcy Court for the Southern District of New York late on Thursday. By its estimates, the proposal undervalues the restructured carrier by roughly $1b. “The committee believes that the plan does not reflect the fair market value of [Aeromexico] due to the debtors’ flawed exit financing process,” they said. In addition, the committee claims that “insiders” in the restructuring process — including Delta and Mexican institutional investors — had undue sway in the formulation of the plan that will give them payouts in excess of their claims while short-changing less senior creditors. Aeromexico is not alone in struggling to find a mutually agreed upon restructuring plan. Latam Airlines Group, which is also operating under US Chapter 11 protection, faces similar strife in its own reorganization. After successfully fending off a hostile takeover attempt by Brazil’s Azul, Latam faces objections to its restructuring plan from a number of Chilean creditors. They too claim that the plan under values their claims to the benefit of others, including Delta that also owns an equity stake in the Chilean airline group. <br/>
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Newly-launched Italian national airline ITA Airways has reached a collective labour agreement with trade unions, which the carrier says will support its strategic development including workforce growth potentially from early next year. The carrier aims to expand in accordance with the recovery of the air transport sector and offer development opportunities for aircrew, including at least 130 new command courses for pilot training next year as ITA embarks on its fleet modernisation with new Airbus jets. ITA says the agreement pays attention to corporate welfare, with health assistance for all ground personnel, with additional benefits for aircrew. The airline says this recognises the staff who “represent the pillar” of the company’s business plan. The agreement also introduces a variable “result bonus” for all employees, representing 15% of salary, calculated through a combination of profitability and customer satisfaction, the company says. ITA will also implement a “progressive realignment” of wages from 2023, with a 3% rise for pilots and 1% for cabin crew.<br/>
A Russian Aeroflot airliner flying from Tel Aviv to Moscow was forced to change altitude over the Black Sea because a NATO CL-600 reconnaissance plane crossed its designated flight path, Russia's state aviation authority said Saturday. The state airline said flight SU501 carrying 142 passengers had had to drop 2,000 feet on Friday after air traffic control told it that another aircraft had crossed its path. The crew were able to see the other plane when they passed in the sky, it said in a separate statement. The aviation authority, Rosaviatsia, said a smaller CL-650 aircraft flying from the Black Sea resort of Sochi to Skopje had also had to change its course. It did not say which NATO member the reconnaissance aircraft belonged to. Russia's Defence Ministry said on Friday it had scrambled fighter jets to escort two U.S. military reconnaissance planes over the Black Sea. Rosaviatsia said an increase in flights by NATO aircraft in the region was creating risks for civilian planes and that Moscow planned to lodge a diplomatic complaint over them.<br/>