Stock Markets35 minutes agone (Jan 17, 2022 12:40PM ET)
© Reuters. FILE PHOTO: An Aeromexico Boeing 737 MAX 9 fuselage, portion of the caller airplanes incorporated to its fleet, is pictured astatine the Benito Juarez International airport, successful Mexico City, Mexico, July 14, 2021. Picture taken July 14, 2021. REUTERS/Luis Cortes
MEXICO CITY (Reuters) - Mexican bearer Aeromexico said connected Monday that its shareholders person approved a superior summation arsenic portion of its restructuring program to look from bankruptcy.
In 2 meetings held connected Friday, shareholders agreed to hike the stock superior by $4.267 billion, which is taxable to a 3rd enactment making a nationalist tender connection of its existent shares.
The summation volition travel from the issuance of immoderate 682 trillion communal shares, which volition beryllium paid for done a $3.44 cardinal indebtedness capitalization and an $828 cardinal injection.
Aeromexico's biggest creditor successful its U.S. Chapter 11 case, Apollo Global Management (NYSE:), volition swap its indebtedness into equity arsenic portion of the reorganization, becoming the airline's largest stakeholder.
Delta Air Lines Inc (NYSE:), which had controlled a bulk of Aeromexico earlier the bankruptcy, volition clasp astir a 5th of its banal coming retired of bankruptcy.
Aeromexico has 682.1 cardinal shares successful circulation. Existing equity shareholders volition spot their stakes fundamentally wiped out.
Aeromexico besides said shareholders had agreed to contented different 68.2 trillion shares, which volition stay successful the company's treasury.
A institution spokesperson declined to remark connected the decision.
Aeromexico, which was deed hard successful 2020 by the coronavirus pandemic, declared Chapter 11 bankruptcy earlier a U.S. tribunal successful July 2020.
Last week, Aeromexico said creditors had approved the company's restructuring program successful a Jan. 7 vote.
The program present faces support of the U.S. bankruptcy tribunal Jan. 27, according to Aeromexico.
The company's shares person sharply fluctuated implicit the past period since it said it would merchantability its outstanding shares to an unnamed 3rd enactment for 0.01 Mexican peso each.
After the announcement Monday, Aeromexico stocks roseate 5.38% to 1.96 pesos.
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