Grupo Aeroméxico has concluded agreements with two of its unions, marking a significant milestone in its restructuring process.
The two unions are the Asociación Sindical de Pilotos Aviadores de México (ASPA) and the Asociación Sindical de Sobrecargos de Aviación de México (ASSA).
The agreements were reached by the company’s pilots and flight attendants through personal and direct vote. They are expected to be formalised in the following days.
This paves the way for Aeroméxico to fulfil specific commitments and objectives needed by the debtor-in-possession (DIP) lenders under the Senior DIP Credit Financing (DIP Financing).
Furthermore, it follows after the company reached agreements with unionised employees of the Sindicato de Trabajadores de la Industria Aeronáutica, Comunicaciones Similares y Conexos de la República Mexicana (STIA) and the Sindicato Nacional de Trabajadores al Servicio de las Líneas Aéreas, Transportes, Servicios, Similares y Conexos (Independencia) in December.
Last July, the carrier filed for voluntary Chapter 11 petitions in the US, along with some of its subsidiaries.
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By GlobalDataIn October, Aeroméxico announced the receipt of final approval for a $1bn senior-secured super-priority multi-tranche DIP term loan facility.
The airline has already withdrawn $375m in two tranches, including $200m in Tranche A and $175m Tranche B.
The remaining DIP Financing, worth $625m, could have been lost if the company failed to secure agreements with its unions.
Aeromexico will continue to work in order to seek the next disbursement under Tranche 2 of the DIP Financing.
