MEXICO CITY, Dec. 31, 2020 /PRNewswire/ — Grupo Aeroméxico, S.A.B. de C.V. (“Aeromexico” or the “Company”) (BMV: AEROMEX) announces that, following its previous relevant event dated December 29, although significant progress has been made in the negotiations of the new Collective Bargaining Agreements, necessary adjustments to face the adverse effects caused to the airline industry due to the global pandemic of COVID-19, negotiations with all unions that have not yet concluded, pursuant to the milestones required by the lenders to access disbursements under the Senior Debtor in Possession Credit Facility (“DIP Financing”), obtained within its voluntary financial restructuring process under Chapter 11 of the Bankruptcy Code of the United States of America.
As a consequence, the Company will continue negotiations with the unions during the seven (7) day grace period established at the Credit Agreement (“Cure Period”).
Negotiations with the Asociación Sindical de Sobrecargos de Aviación de México (ASSA), continue advancing in the best conditions. Therefore, the Company expects to reach agreement during the aforementioned period, which will be reported in the following days.
In relation to the Asociación Sindical de Pilotos Aviadores de Mexico (ASPA) the union has not yet accepted the Company’s proposal, which is essential in order to meet the commitments and objectives required by the lenders allowing the Company to access subsequent disbursements under the DIP Financing. Consequently, Aeromexico will continue negotiations with ASPA in order to reach agreement during the Cure Period.
The Company recognizes the effort that the unions have made to contain the negative effects of the pandemic and will continue to work in a coordinated manner with its representatives in order to meet the necessary conditions to request the next disbursement under Tranche 2 of the DIP Financing.
Aeromexico will continue pursuing, in an orderly manner, the voluntary process of its financial restructuring under the Chapter 11 process, while continuing to operate and offer services to its customers and contracting from its suppliers the goods and services required for operations. The Company will continue to use the advantages of the Chapter 11 proceeding to strengthen its financial position and liquidity, protect and preserve operations and assets, and implement the necessary adjustments to manage the impact of COVID-19.
This press release contains certain forward-looking statements that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. We use words such as “believe,” “anticipate,” “plan,” “expect,”, “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “should” and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. The Company is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Grupo Aeromexico
Grupo Aeroméxico, S.A.B. de C.V. is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs. Aeromexico, Mexico’s global airline, has its main operations center in Terminal 2 of the Mexico City International Airport. Its destination network has reach in Mexico, the United States, Canada, Central America, South America, Asia and Europe. The Group’s current operating fleet includes Boeing 787 and 737 aircraft, as well as the latest generation Embraer 190. Aeromexico is a founding partner of SkyTeam, an alliance that celebrates 20 years and offers connectivity in more than 170 countries, through the 19 partner airlines. Aeromexico created and implemented a Health and Hygiene Management System (SGSH) to protect its clients and collaborators at all stages of its operation.
SOURCE Grupo Aeromexico