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Aeromexico has become the latest Latin American airline to face huge financial problems amid the crisis provoked by the coronavirus pandemic and begin restructuring under the Chapter 11 process.
In order to secure future and emerge as a stronger player, the airline announced that it is utilizing the Chapter 11 process, which allows companies to restructure financially and operationally in a court-supervised setting. Nevertheless, the company ensures that it will not affect the airline’s operations.
“We have initiated a voluntary procedure to implement a financial restructuring under the Chapter 11 process in the United States of America,” Aeromexico said in a statement.
Aeromexico is already the third carrier in Latin America to go into voluntary bankruptcy. Previously, the same measures were used by Chile’s LATAM and Colombia’s Avianca.