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Aeroméxico has a 10% interest in GAP, with whom it has no debts

Grupo Aeroportuario del Pacífico (GAP) reported that Aeroméxico has a 10% interest in the airports it operates and that the airline has no debts with the Group.

“We reiterate our support for Aeroméxico during its voluntary restructuring process and we will provide the necessary facilities to continue its operations at our airports,” GAP said in a statement Thursday.

On June 30, Aeroméxico announced that the airline and some of its subsidiaries began a voluntary process of financial restructuring under Chapter 11 in the United States, to implement operational adjustments that allow it to face the significant reduction in passenger demand, due to be the best decision without interrupting operations.

In the first quarter of 2020, the airline recorded a net loss of 2,508 million pesos, with a negative margin of 17.8% and until March its total liabilities totaled 116,637 million pesos.

Furthermore, due to the health crisis, in April and May it registered a 97% drop in passenger transport

GAP

Aeroméxico’s legal advisers are Davis Polk & Wardwell LLP and Cervantes Sainz. The financial advisor is Rothschild & Co. and AlixPartners, LLP serves as the restructuring advisor for the company.

GAP operates 12 airports throughout the Pacific region of Mexico, including the main cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other medium-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis.

In February 2006, GAP shares were listed on the New York Stock Exchange and on the Mexican Stock Exchange under the symbol. In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company that operates Sangster International Airport in Montego Bay, Jamaica.

In October 2018, it entered into a concession agreement for the operation of Norman Manley International Airport in Kingston, Jamaica. In October 2018, he entered into a concession agreement for the operation of Norman Manley International Airport in Kingston, Jamaica and took control of the operation in October 2019.

 

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