Aeroméxico Will Delist Shares from BMV
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Aeroméxico Will Delist Shares from BMV

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Emilio Aristegui By Emilio Aristegui | Junior Journalist and Industry Analyst - Mon, 10/17/2022 - 16:12

As part of its Chapter 11 Bankruptcy procedures, Aeroméxico will delist its shares from the Mexican Stock Exchange (BMV), complying with its obligations under US law. Aeroméxico also canceled its subscription to the National Securities Registry. 

The airline will initiate a takeover bid in follow-up to a prior authorization by the BMV, explained Aeroméxico via a press release. Aeroméxico’s extraordinary general meeting of shareholders resolved on June 27, 2022, the subsequent cancellation of the company’s social capital shares in Mexico’s National Securities Registry. On July 11, 2022, the airline received authorization by the BMV to delist its 11.5 million shares, which are represented under the company’s current social capital. Aeroméxico was allowed to delist all its shares under Mexico’s Law of the Market of Values article 108, fraction I. The takeover bid will be available from Oct. 11 to Nov. 8, 2022, explained the airline.

The company assumed a list of responsibilities as it entered Chapter 11 under the US Code, which involve that current shareholders will not participate in the offer. The Joint Plan of Reorganization is one of the main pillars of the entire process, which states that shares are not owned by the current controllers of the company. 

“Aeroméxico emerged after a 21-month process, and we cannot feel prouder of how stronger and more efficient we have become. We always put our clients and strategic business partners at the center of everything we do. Over the next five years, Aeroméxico will invest US$5 billion to increase its fleet and in relevant actions to consolidate customer and employee experience improvements. By the end of this year, our fleet will be bigger than it was before the pandemic, said Giancarlo Mulinelli, Vice President of Global Sales, Aeroméxico, in April 2022, as reported by MBN. 

Photo by:   Image by AhmadArdity from Pixabay

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