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With a telenovela ending, Aeroméxico managed to close the agreements with the creditors in the New York Court so that Judge Shelley Chapman would approve their business plan and get out of Chapter 11 of the United States Bankruptcy Law. That means that the company has guaranteed resources for 4,200 million dollars and a business plan that includes union agreements to lower costs that will allow it to transit until 2026.

Of course, the process was not easy. In fact, on several occasions it was on the verge of being derailed due to a lack of agreements with creditors or due to irruptions of some funds interested in obtaining more privileges than those they already had. Even at the last moment, when 99% of the creditors had already reached an agreement, there was an attempt by the Invictus fund to thwart the exit from Chapter 11 of the Eagle Knight airline.

The arguments put forward in most cases were the terms in which some of the company’s investors were able to access the shares in the airline’s new formation, especially the control group that has to remain in Mexican hands to comply with the Law. In fact, it is not yet known whether or not the company will be delisted from the BMV to finish balancing the new shareholding structure, or whether there will only be an exchange of shares, since the old structure was practically diluted and now there are 1,000 to one

But what is interesting does not come in terms of shares on the stock market, but rather the future that the airline will have in the midst of a complicated scenario for Mexican aviation. The downgrading to category 2 that the United States Federal Aviation Agency (FAA) imposed on our country limits Aeroméxico’s options in this market, which is the most important for Mexican airlines. For this reason, it was important for Delta to keep a significant percentage, although less than what it held.

The other point is whether the company can have more flexibility to plan the rest of its routes in the future and whether it will require structural changes and new alliances to do so, or whether it will decide to give the authorities a testimonial flight from the AIFA to any part of the country. or even to South America.

But the one with a difficult outlook is Aeromar. Indebted and with thousands of problems, its director, Danilo Correa, has made efforts to generate a business plan that gives him better opportunities, but it does not seem to be enough. The structure of its routes and operating costs have not allowed it to deal with its growing debt.

The federal government is today faced with the dilemma of letting it fall or intervening so that the concession is not lost and its liabilities are capitalized, all of this in order not to fall into the same omission that Mexicana suffered in 2010. The option that the workers capitalize the debts in turn is not impossible and that it becomes the anchor airline in the AIFA could be its only salvation with a realistic business plan, but this alternative requires very fine embroidery.

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