Aeromexico exits bankruptcy with plan to invest $5b in fleet

Grupo Aeromexico has emerged from its restructuring process and will invest $5b over the next five years to expand its fleet as it prepares to start growing again. The carrier won court approval to emerge from Chapter 11 in late January but still had to fulfill certain conditions to finalize the process, Aeromexico said Thursday. The company is looking to “significantly” increase its network and fleet, which will grow to 147 jets from the current 124 by the end of the year. The $5b investment in the next five years will focus mostly on additional fleet growth, but also on meeting its environmental, social and governance, or ESG, goals. The reorganized company is valued at $2.56b. Mexico’s second-largest airline filed for bankruptcy in the US in 2020 as the pandemic caused a severe downturn in travel. Aeromexico saw the number of passengers it carried plummet more than 90% as governments grounded flights and travelers stayed home. The carrier, unlike its counterparts in the US and Europe, received little to no support from the government. “We look forward to starting a new chapter in our company’s history, backed by a sound financial base, solid capital structure, and investors who have full confidence in our future,” said CEO Andres Conesa.<br/>