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Grupo Aeromexico SAB de CV is nearing the finish line of its restructuring with a proposed plan to reduce debt by more than $1b, but must first overcome opposition from junior creditors who say existing shareholder Delta, among others, is benefiting from the deal at their expense. The Mexican airline, after nearly two years in bankruptcy, will make its case for the plan in a New York bankruptcy court on Jan. 27. Aeromexico, which in June 2020 filed for Chapter 11 protection in the United States with $2b in debt, says it has secured the votes needed from its creditor classes to move forward with the deal despite lingering objections from some groups. The plan, which Aeromexico says will result in a total enterprise value of $5.4b and preserve 13,000 jobs, would give its largest creditor, Apollo Global Management, the largest stake here in the company. But the committee representing general unsecured creditors, some of whom could see just pennies on the dollar, says the plan unfairly benefits insiders. The committee, which includes a pilots union, Falko Regional Aircraft Limited, Nordic Aviation Capital and the trustee to a group of noteholders, argues that the deal must be held to higher standards than a typical Chapter 11 settlement because insiders are involved.<br/>

Kuwaiti lessor ALAFCO has disclosed that it will supply several Airbus A350 twinjets to the new Italian carrier ITA Airways. ITA has signed a lease deal for four A350-900s, which will be delivered in the second and third quarters of this year. ALAFCO says the list price for the aircraft – powered by Rolls-Royce Trent XWB engines – is around $1.27b. It says, however, that it will not detail the “exact financial impact” on the company, in order to preserve competitiveness. The lessor ordered 12 A350-900s from the manufacturer, all of which have been delivered.<br/>