Aeroméxico’s Shares Tumble Amid Financial Restructuration

As Aeroméxico’s Chapter 11 restructuring progresses, the company faced fluctuating share prices in the stock exchange, causing panic and speculation amongst investors.

Aeroméxico’s shares fell almost 15 percent after surging more than 10 percent on Thursday. “In relation to the unusual movements regarding Aeroméxico’s share price today. We inform that, as far as the company understands, they are due to the information contained in our previous relevant events and in our Joint Plan of Restructuring and related documents, which are accessible to the public and have been presented for the authorization of the court, and regarding which we have been timely informing the market through multiple relevant events and accurate and detailed information made publicly available,” reads Aeroméxico’s press release.

Aeroméxico also claimed no knowledge of other factors that could have affected its share’s prices and added that it is not aware whether members of the Board of Directors or executives have carried out operations with its securities or buyback fund.

The airline informed that a third party filed a public offer for the acquisition of shares, allowing current shareholders to divest capital stock before the imminent capitalization of various liabilities and new contributions to capital stock. The process is set to dilute current stocks substantially as part of Aeroméxico’s Chapter 11 restructuring process, which has already been approved by a US Court as its set for completion and take full effect as the Joint Restructuring Plan.  

“The offer would be made at MX$1 (US$0.05), national currency, for each of the Aeroméxico shares outstanding, corresponding to all 681.24 million shares, except that shareholder Delta Air Lines is not expected to attend the offer, setting the maximum number of shares to be acquired at 331.48 million shares, which would represent up to 49 percent of the capital prior to dilution purposes due to the implementation of the plan,” reads Aeroméxico’s press release.

The offer would be settled right after the plan’s confirmation date and the shareholder’s meeting. The offer will be sponsored with the offeror’s funds coordinated with Aeroméxico, while allowing current shareholders of the company to dispose their shares.

“The decisions of third parties in the investment or sale of shares of Aeroméxico are outside of the company’s engagement,” said the airline.