Grupo Aeroméxico:
Nueva Visión — May 2026

Aeroméxico, in June 2020, was one of the first major airlines to apply for Chapter 11 bankruptcy protection in the wake of the Covid pandemic. It had been through years of poor financial results in the 2010s as it battled ULCCs in the highly competitive Mexican market — not helped by a 35% devaluation of the Peso agains the dollar. In 2019 it registered net losses of Ps2.4bn in part due to the grounding of its six 737MAX-8s. It entered the crisis with a heavily indebted weak balance sheet and $500m in cash — less than two months of what would have been annual revenues. Little government support was forthcoming.

It successfully emerged from Chapter 11 in 2022. During the intervening two years it had renegotiated aircraft leases, rejected expensive contracts, reduced liabilities and secured substantial new financing. The court-approved restructuring plan eliminated $1.1bn of liabilities while providing roughly $1.5bn in new capital and financing support. Apollo Global Management, who provided $1bn in debtor-in-possession funds wound up as the largest shareholder: Delta saw its 49% stake diluted below 20%.