An Aeromexico creditor on Monday objected to the Mexican airline's restructuring plan to emerge from Chapter 11 bankruptcy, saying the proposal would unfairly benefit majority shareholder Delta. Invictus Global Management said in a public letter to Delta's board of directors that it opposed the plan put forward by Aeromexico. Aeromexico last week said an unnamed third party would make a tender offer valuing its outstanding shares at a fraction of their previous market price as part of its efforts to emerge from bankruptcy. Delta's stake would be diluted to 20%, while Apollo Global Management, a fund that often invests in bankrupt companies, would become Aeromexico's biggest shareholder. "Daylight needs to shine on the actions and decisions that could position you to make hundreds of millions of dollars at the expense of other stakeholders, including the many who stand to be economically crushed under the plan preferred by Delta and Apollo," said the letter, signed by Invictus partner Cindy Chen Delano. It added that the proposal included "seemingly egregious financial terms that defy decades of bankruptcy precedent." Invictus is a Delta shareholder as well as a sizeable creditor of Aeromexico, it said.<br/>
sky
Alitalia, the former Italian airline which is in the process of being wound down, on Monday launched the sale of its handling and maintenance operations in another step to dispose of its assets. Alitalia, which in October was replaced by state-owned ITA Airways, said in a statement that groups interested in entering the data room may apply for it by Feb. 14, 2022, while binding offers must be submitted by Feb. 28. In assessing the binding offers Alitalia's special commissioners will take into account both the price offered and the proposed strategy plan, the company added.<br/>
French investigators believe the pilots of an Air France Airbus A318 unnecessarily took the opportunity to shorten an approach to Paris Orly, placing them under time pressure and resulting in an unstable descent that triggered ground-proximity alarms. The inquiry has highlighted the possible effect of reduced flying activity by the crew, notably skill erosion, over the six months prior to the incident on 12 September 2020. French investigation authority BEA says the crew of the aircraft, heading north-east as it arrived from Biarritz, accepted a shortened trajectory to runway 25 involving a left turn to head west. After completing the turn, the crew was cleared for the ILS approach at 5,900ft. The shortened approach left the A318 above the correct profile and the crew carried out a series of actions to bring the altitude into line with the glideslope. It was established on the localiser and glideslope, about 6nm from the runway and 2,000ft above airport level, but still in clean configuration – against the requirements of standard operating procedures. Story has more technical details.<br/>