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Cofece approves concentration of Aeroméxico

The Federal Economic Competition Commission (Cofece) approved a concentration of the Mexican aviation company Aeroméxico.

Initially, on October 20, 2021, TIAA-CREF Emerging Markets Debt Fund; Trendels Enterprises; Delaware Management; Macquarie Investment Management Advisers; Delaware Investments Fund Advisers (DIFA); Amundi Asset Management US; Currency Latin American Corporate Debt; SA Currency; and Grupo Aeroméxico, notified Cofece of their intention to hold a merger.

Later, on December 9, 2021, DSC Meridian Credit Opportunities Master Fund LP and DSC Meridian Climate Action Master Fund LP adhered to the notification procedure processed in the file for the aforementioned item.

Likewise, TIAA-EMD, Trendels, Delaware Management, Macquarie Investment, DIFA, Amundi US, Moneda SA, MLA and Gmpo Aeroméxico informed Cofece of the modification to the terms of the concentration initially notified.

Lastly, on February 1, 2022, 140 Summer Partners LP; Cone Horizon Fund, LP-Series A; Cone Horizon Fund, LP-Series B (CHFB), Cone Horizon II Fund, LP; Cone Opportunities Qualified Master Flllld, LP; Teachers Advisors; Cloud Asset Management; Amlllldi US and Trendels adhered to the notification procedure processed in the file.

Cofece

On January 10, 2022, the Bankruptcy Court issued an order approving the Disclosure Statement on the Joint Plan of Reorganization of Aeroméxico and its subsidiaries.

The voting request process concluded on January 7, 2022 with strong support from creditors throughout the entire debt structure of Aeroméxico and said subsidiaries.

Votes were cast on account of credits for a total of approximately 2,680 million dollars, of which approximately 86% were cast in favor of the Plan.

On January 28, 2022, Aeroméxico reported that it successfully concluded the hearing regarding the approval and confirmation of the restructuring plan of the company and its debtor subsidiaries in the voluntary financial restructuring procedure under Chapter 11.

Then, on February 8, 2022, Aeroméxico reported that together with its subsidiary Aerovías de México, it has signed a binding letter of intent with Aimia Holdings UK Limited and Aimia Holdings UK II Limited (jointly, Aimia), to assume full control of the Club Premier (PLM) loyalty program, through a transaction through which Aeroméxico will become the sole owner and operator of Club Premier.

Upon closing of the transaction, PLM will become a direct wholly-owned subsidiary of Aeroméxico.

The signing of the Binding Letter of Intent is part of the company’s Joint Restructuring Plan confirmed by the bankruptcy court on January 28, 2021.

AIFA

The Transaction is expected to close within six months of the Bankruptcy Court order confirming the Plan, issued on February 4, 2022.

On February 9, 2022, Aeroméxico announced that, as part of its transformation and strengthening after the restructuring process under Chapter 11 of the legislation of the United States, it would start operations from the Felipe Ángeles International Airport (AIFA), connecting daily with the cities of Mérida and Villahermosa.

On March 17, 2022, Grupo Aeroméxico reported that according to relevant events previously published, the resolutions adopted by the Company’s Shareholders’ Meetings held on January 14 and February 14, 2022 took effect, Aeroméxico consummated its Restructuring Plan (and related documents), and successfully concluded its financial restructuring process under Chapter 11.

In accordance with the provisions of the Restructuring Plan, the capital value of Aeroméxico restructured under the Restructuring Plan (Equity Value Plan) is approximately 2,564 million dollars, and the new shares listed in circulation amount to 136 million 423,959.

 

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