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Aeromexico deve solicitar o Chapter 11 nos EUA

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Quanto mais rápido as empresas, governos e todos os entes das cadeias aceitarem que é um crise sem precedentes, mais chances de sobreviver.

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Posted (edited)

Mais uma no "Chapter 11", dessa vez foi a Aeroméxico:

https://www.elfinanciero.com.mx/opinion/dario-celis/alista-aeromexico-chapter-11-en-ny

Informação ainda não confirmada:

https://www.bloombergquint.com/business/aeromexico-weighs-u-s-bankruptcy-filing-amid-travel-collapse

Edited by Mayday
Correção

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A AMX estava com um discurso que não precisava de aporte. 

O pior é que o AMLO pode vir com uma ideia estapafúrdia... 

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1 minute ago, A345_Leadership said:

A AMX estava com um discurso que não precisava de aporte. 

O pior é que o AMLO pode vir com uma ideia estapafúrdia... 

Estatizar?

 

hahahaha olha que não duvido

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16 minutes ago, A345_Leadership said:

A AMX estava com um discurso que não precisava de aporte. 

O pior é que o AMLO pode vir com uma ideia estapafúrdia... 

Todas negam

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Aeromexico says looking to restructure financial obligations, has not decided on Chapter 11

JUNE 19, 2020

Aeromexico is analyzing its options for an orderly restructuring of its short- and medium-term financial commitments, the Mexican airline said on Friday, adding that it had not decided whether to seek Chapter 11 protections in the United States.

Aeromexico (AEROMEX.MX) shares fell more than 5% in early trading after a newspaper column said the Mexican airline was considering filing for bankruptcy.

The company said it was identifying additional sources of financing and that it was analyzing “alternatives to successfully reach, in the short- and medium-term, an ordered restructuring of financial commitments.”

“The company informs that we have not started, or made the decision to start, a restructuring procedure under Chapter 11,” it said in the statement.

Aeromexico said any restructuring would not disrupt its operations.

The future of many airlines has been in doubt after governments around the globe imposed curbs on travel to stem the spread of COVID-19, with Latin American airlines Avianca AVT_p.CN and LATAM (LTM.SN) already initiating bankruptcy procedures.

Like other airlines, Aeromexico <AEROMEX.MX,> is struggling as demand plunged. Passenger numbers were down 92.4% in May versus a year ago.

While some governments have given airlines a lifeline, Mexico’s leftist President Andres Manuel Lopez Obrador has been adamant that he would not use taxpayer money to bail out shareholders in large companies.

U.S. law firm White & Case and Citigroup are advising Aeromexico, according to Mexican newspaper El Financiero. White & Case and Citigroup did not immediately respond to requests for comment.

“We consider that the news is negative for the company, as it reflects the important liquidity and operational challenges stemming from the effects of COVID-19,” Mexican brokerage firm Monex wrote in a note to investors.

Aeromexico had total liabilities of 116.6 billion pesos ($5.16 billion) as of March 31, according to its first-quarter results. U.S. airline Delta (DAL.N) has a significant stake in Aeromexico.

 

Reporting by Noe Torres; Writing by Drazen Jorgic; Editing by Frank Jack Daniel, Tom Brown and Sonya Hepinstall

https://in.reuters.com/article/us-aeromexico-media-companystatement/aeromexico-says-looking-to-restructure-financial-obligations-has-not-decided-on-chapter-11-idINKBN23Q34X

 

Release da AM  https://aeromexico.com/cms/sites/default/files/20200619_ER_-_ER_-_SPA.pdf

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50 minutes ago, TheJoker said:

While some governments have given airlines a lifeline, Mexico’s leftist President Andres Manuel Lopez Obrador has been adamant that he would not use taxpayer money to bail out shareholders in large companies.

Deixar um esqueleto bilionário a alguns KMs do AICM pode.

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Aeromexico Receives US$50m Bailout
June 29

by Braxton Cook
MIAMI – Mexico’s largest airline Aeromexico (AM) has been given US$50m in aid by investment holding company Aimia Inc.

This comes as the carrier analyses a restructuring of its financial commitments in the wake of the COVID-19 pandemic that has severely affected the industry.

Earlier this month rumors circulated that AM was considering filing for Chapter 11 bankruptcy protection in the United States, which caused the airline’s stock to tank. Aeromexico has since clarified that this is not the case.

ADDITIONAL FUNDING SECURED
PLM Premier, the operator of Aeromexico’s Club Premier loyalty program, gave an another US$50m to the airline by way of an existing inter-company loan facility once a letter of intent was signed between AM and Aimia

Statements by both parties claimed that they had reached an agreement to amend shareholder terms between the two, as well as reaching an additional commercial agreement between the airline and PLM.

“An additional US$50m advance to Aeromexico by PLM through pre-purchases of award tickets was provided with the execution of the amendments to the commercial agreement. This financial support totals $100 million and is secured by Aeromexico’s stake in PLM,” the firms said regarding the deals.

MOVING FORWARD
Aimia and AM said that they would find ways to get additional resources to shareholders by taking advantage of PLM’s cash flow and debt-free balance sheet.

Aimia’s Chief Executive Phil Mittleman said that they “are very pleased to be in a position to utilize the robust cash flow and financial attributes of PLM to support our airline partner during this challenging time.”

Additionally, AM was given the opportunity to purchase a 48.9% equity stake in PLM, currently held by Aimia, over the next seven years.

Back in April, AM sought a state liquidity support line to no avail. While not all governments have denied aid to airlines, the latest case being the Lufthansa (LH) bailout, this private injection of capital bids well for the Mexican airline.

https://airwaysmag.com/business-finance/aeromexico-receives-us50m-bailout/

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Mas o que uma empresa do tamanho da Aeroméxico faz com 50 milhões de ajuda, a Latam , que tinha 1,3 bi ao entrar no Chapter 11, já recebeu 2,4 bi de ajuda e mesmo assim estão falando que não resistirá ( são 20 bi de reais e o apocalipse está sendo traçado)

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11 minutes ago, Luckert said:

Mas o que uma empresa do tamanho da Aeroméxico faz com 50 milhões de ajuda, a Latam , que tinha 1,3 bi ao entrar no Chapter 11, já recebeu 2,4 bi de ajuda e mesmo assim estão falando que não resistirá ( são 20 bi de reais e o apocalipse está sendo traçado)

Toda ajuda é bem-vinda.

Quanto a LATAM, tem que analisar os números. E será que estes bilhões prometidos caiu na conta da empresa?

O governo disse que ia emprestar R$ 6 bi e até agora nada.

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4 hours ago, A345_Leadership said:

Toda ajuda é bem-vinda.

Quanto a LATAM, tem que analisar os números. E será que estes bilhões prometidos caiu na conta da empresa?

O governo disse que ia emprestar R$ 6 bi e até agora nada.

Veja o que eu compartilhei: LATAM oficializa aporte de R$ 5 bilhões da Qatar Airways e família Cueto @MIUI | https://www.aeroin.net/latam-oficializa-aporte-5-bilhoes-qatar-cueto/?fbclid=IwAR1563KwAu5yFyaYF3uzixhDUqAsOg7BbxGbzl6VdbtlllooW04Gv4UDbiw

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Ainda tem o aporte de 2,1 bilhões de dólares de investidores chilenos pra entrar, da mais 12 bilhões 

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Aeromexico Files for Chapter 11

June 30

by Helwing Villamizar
MIAMI – Aeromexico (AM) announced today it had begun restructuring under Chapter 11 proceedings, joining Chile’s LATAM Airlines (LA) and Colombia’s Avianca (AV) as the COVID-19 pandemic continues to take its toll on the industry.

As the third Latin American airline to file for bankruptcy protection, AM says that it has done so voluntarily and expects to keep serving its customers and double the number of domestic flights and quadruple those of international ones as compared to June.

The company does not expect “any changes to employees’ day-to-day job responsibilities, and employees will continue to be paid and receive benefits in the ordinary course of business.”

BANKRUPTCY AFTER A BAILOUT AFTER A RUMORED BANKRUPTCY
Back in April, the Mexican airline sought a state liquidity support line. But Latin American governments have refused to bail out airlines, and the Mexican state was no different in that regard.

However, on June 29, Canadian investment company Aimia Inc. gave AM an additional US$50m advance from PLM through pre-purchases of award tickets, provided with the execution of the amendments to the commercial agreement PLM and AM came to, bringing the total support to US$100m.

The deals came after rumors circulated that the Mexican airline was considering filing for Chapter 11 bankruptcy protection in the United States, which caused the airline’s stock to tank.

At the time, the airline brushed off the rumors as just that. In hindsight, it now seems that reality does take the longest to realize.

ADDITIONAL PREFERENTIAL FINANCING
As part of the restructuring process known as “debtor-in-possession” or “DIP financing,” the Mexican carrier is also in talks to obtain new preferential financing.

Aeromexico is optimistic that it will finalize formal DIP financing agreements that, together with the cash it now has and the approval by the Court, will provide the adequate liquidity to satisfy its obligations in the future.

Delta Air Lines (DL) owns a 49% stake in AM and a 20% stake in LATAM; their combined bankruptcy proceedings put the investment of the U.S. airline at risk of value reductions that could go from bad to nill.

https://airwaysmag.com/airlines/aeromexico-files-for-chapter-11/

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Aeromexico fails to escape fate of its larger Latin peers

Government support for airlines during the COVD-19 pandemic has been patchy, and the have and have nots are emerging as the crisis wears on. 

Latin America has been a laggard in offering financial packages to airlines as the virus spreads rapidly through the region, and as a result, two of the area’s largest airlines – Avianca and LATAM Airlines Group – have sought Chapter 11 bankruptcy protection. 

The government of Latin America’s second largest aviation market, Mexico, seems unlikely to offer support to the country’s airlines, and now Mexico’s only full service operator, Aeromexico, will seek to reorganise under Chapter 11.

An analysis by IATA shows that Latin America has been the least supportive of airlines during the COVID-19 pandemic, which has created historical and unprecedented drops in demand.

The virus struck Latin America later than other regions in the world and Brazil, Peru and Chile are battling cases numbers that are trending in the wrong direction. 

IATA has calculated that Latin governments have offered airlines in the region just 0.8% of 2019 revenues, compared with 14% globally and 25% in North America. 

In a matter of weeks, two of Latin America’s largest airline groups – Avianca and LATAM Airlines Group – have filed for Chapter 11 bankruptcy protection. LATAM was in better financial shape than Avianca before the crisis, but the sudden and unexpected cash burn that LATAM and other airlines have faced was too much for the airline to endure without government aid. 

Delta Air Lines, which has recently taken a 20% stake in LATAM Airlines Group and holds 49% of Aeromexico, has previously said that “while it was disappointing to see, none of the Latin American countries LATAM operates in was prepared to provide them government financial support to this point – which necessitated the decision to file”.  

Mexico's airlines have stressed the need for support from the government...
During the COVID-19 crisis Mexico’s airlines have been stressing that they require financial support to create war chests of cash to withstand the vaporisation of demand created by COVID-19. 

Previously, Aeromexico CEO Andrés Conesa stated that the airline needed liquidity support due to financial markets being distorted. “It is very difficult to put a price on the renewals of debt in these very uncertain conditions…and it’s very difficult to price any debt issuance in the public markets”, he explained. 

See related report: COVID-19 Mexico’s airlines - government support and/or consolidation? 

Enrique Beltranena, the CEO of Mexico’s largest domestic airline, ULCC Volaris, previously told CAPA TV that “something that is important is that we are not envisioning the government coming to restructure or do a sabotage of our airlines”.

“We are just requiring specific aid packages related to credit that can help us support the process of not having revenues in the following months. So we are not envisioning government subsidies in any way in the short term or the long run.” 

Volaris CEO update on CAPA TV in Apr-2020

Source: CAPA

Mexico's government refuses aid to airlines; Aeromexico seeks Chapter 11 after failing to build liquidity 
Despite the rationale offered by Aeromexico and Volaris about the need for federal financial support, Mexico’s government seems unmoved by those arguments.

Shortly after the outbreak, Mexico’s President Andres Obrador was quoted in La Política stating that the government would not assist Aeromexico, noting that he would not return to neo-liberal era politics. 

As recently as last week, Aeromexico had actively attempted to counter speculation that it would be forced to seek Chapter 11 bankruptcy protection, stating that it was examining options to improve its financial position and stressed that it had not initiated, nor taken the decision to initiate, a Chapter 11 restructuring process. 

At the end of Mar-2020 Aeromexico had approximately USD563 million in cash, which was 19.9% of the company’s total annual revenues. Moody’s had estimated that the company’s cash fell to approximately USD490 million at the beginning of May-2020.

The ratings agency calculated that Aeromexico had USD400 million in maturities due through 31-Mar-2020, and USD260 million in estimated annual lease payments. Approximately USD180 million of those maturities are mandatory payments without flexibility to refinance or renegotiate, said Moody’s. 

Aeromexico was obviously trying to avoid becoming the third full service airline in Latin America to seek Chapter 11 bankruptcy protection. But the fall came quickly. On 30-Jun-2020 Aeromexico CEO Andres Conesa was forced to announce: "We expect to utilise the Chapter 11 process to strengthen our financial position, obtain new financing and increase our liquidity, and create a sustainable platform to succeed in an uncertain global economy".

Aeromexico had followed United's lead in seeking to leverage its loyalty programme
The airline had reached an agreement with its Club Premier loyalty programme (PLM) partner Aimia to raise some liquidity. Aeromexico owns 51% of the programme and Aimia holds the remaining stake. PLM has agreed to provide Aeromexico with a USD50 million loan and USD50 million in pre-purchases of award tickets. 

The company had taken steps to cut its monthly cash burn in half, and was working on a slew of initiatives to raise up to USD400 million in additional liquidity, including sale and leaseback transactions and financing from export credit agencies, but sadly nothing materialised.

Demand had remained severely depressed – Aeromexico’s passenger levels plummeted by 92% year-on-year in May-2020 - and there was little obvious prospect of improvement.

In its bankruptcy filing, Aeromexico stressed it implemented several initiatives to generate additional liquidity to protect its cash position, but the negative effects of COVID-19 on passenger demand were more "persistent than expected", and "these efforts have been insufficient to guarantee that the company can continue its operations without undergoing a major restructuring process in the benefit of all its stakeholders".

Aeromexico could not escape the fate of its larger airline peers in Latin America 
There is no denying that airlines in Latin America face a disadvantage in working to build liquidity during the COVID-19 crisis. That lack of government support has resulted in large airlines in the region making the tough decision to seek Chapter 11 bankruptcy protection. 

Aeromexico was working to avoid making that tough decision, and despite feverish attempts to avoid the fate of its full service airline peers in Latin America, the mountain was just too hard to climb. 

https://centreforaviation.com/analysis/reports/aeromexico-fails-to-escape-fate-of-its-larger-latin-peers-528847

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