Interjet's Assets to be Sold as Bankruptcy Proceedings Continue

Interjet's insolvency proceedings continue after a Second District Judge ordered the airline to sell assets to pay creditors. Interjet, which stopped flying in December 2020, allegedly owes MX$40 billion (US$2.2 billion) to lessors, former employees, tax authorities, service providers and landlords. The airline’s bankruptcy left over 5,000 employees out of a job.

A Second District Judge in Commercial Insolvency Matters, Saúl Martínez Lira, declared the bankruptcy stage of Interjet's insolvency proceeding open, which forces the airline to sell its assets to pay creditors. The bankruptcy declaration prohibits Interjet from paying or delivering assets without the trustee's authorization. In addition, Judge Martínez said that all of the airline's assets must be delivered except those subject to judicial restrictions or seized due to other current judicial proceedings.

In August 2022, Martínez had declared ABC Aerolineas, which operated under the trade name Interjet, bankrupt. The airline's ability to exercise the assets and rights that make up the insolvency estate is suspended, so assets will be administered by a trustee appointed by the Instituto de Especialistas de Concursos Mercantiles, who will also be in charge of auctioning them. "The trustee is ordered to proceed with the sale of the assets and rights that comprise the Masa, in terms of Articles 197 and following of the Bankruptcy Law, seeking to obtain the highest possible proceeds from their sale, to make payment to creditors," reports Mexican media. This measure is based on articles 167 to 172, 176, 178, 180 and 291 of the Mexican Bankruptcy Law.

Interjet's insolvency proceeding was not requested by the airline but by the plaintiff, Aguilar Amilpa Abogados and the airline was considered insolvent on Aug. 29, 2022. There are now over 5,000 Interjet workers on strike, hoping the airline can pay the M$1.8 billion (US$99.1 million) owed to them.