Grupo Aeroméxico, S.A.B. de C.V. (BMV: AEROMEX) has reported the US Bankruptcy Court for the Southern District of New York has approved Grupo Aeromexico´s DIP Financing Motion, the company said.
The approval of the facility is a step forward in the Company´s financial restructuring process initiated on June 30, 2020.
The Chapter 11 Court authorized the Company to enter into an agreement with Apollo Global Management Inc. that formalized Apollo´s commitment to fund up to USD 1 billion in connection with the DIP financing facility. The DIP Facility approved by the Chapter 11 Court on an interim basis provides for a USD 1 billion secured superiority multi-tranche debtor-in-possession term loan facility, contemplates a senior secured Tranche 1 facility of USD 200 million, and a senior secured Tranche 2 facility of USD 800 million.
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.