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Aeromexico declares bankruptcy in the United States, citing “unprecedented” challenges

Mexico’s flagship airline announced Tuesday that it has asked to begin Chapter 11 restructuring, which will allow it to continue flying.

“Our industry is facing unprecedented challenges due to significant declines in demand for air travel,” said CEO Andrs Conesa in a statement. “We are determined to take the steps necessary to operate effectively in this new landscape and be well prepared for a prosperous future when the Covid-19 pandemic is behind us.”

Like many airlines, Aeromexico was forced to limit its operations, the demand for air travel having dried up. In recent months, the airline has immobilized part of its fleet and announced in March that it start working “cargo flights only for the first time.”
The company is the last Latin American carrier to file Chapter 11 in the United States. In May, the LATAM of Chile and that of Colombia Avianca (AVH) also filed for bankruptcy, citing the loss of business due to the pandemic.

Aeromexico intends to use the process “to strengthen our financial position, obtain new financing and increase our liquidity,” said Conesa.

Daily operations will continue as the company begins a financial overhaul. Passengers should still be able to fly with their existing tickets, and employees will continue to be paid as usual, according to management.

Intermediate seats and packaged planes return as airlines prepare to ease restrictions

The company also alludes to a gradual recovery. As air travel begins to rebound in some countries, Aeromexico will “expand flight service” imminently, with plans to double domestic flights and quadruple international capacity in July from levels last month, a he declared.

But the airline still faces a difficult road. The International Air Transport Authority has estimated that it may take more than three years for international travel to return to its pre-crisis level.

The carrier must now “create a sustainable platform to succeed in an uncertain global economy,” added Conesa.

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