Aeroméxico: Bank of America would be a shareholder thanks to workers

With the crisis that Mexican aviation is experiencing as a result of the downgrading to Category 2 in air safety by the United States, one of the most affected airlines would be Aeroméxico due to its bankruptcy process, for which it will need a new shareholder, so it would be Bank of America Merrill Lynch sounding as a candidate, this at the request of the pilots union workers.

The approach of the Aviators Union Association (ASPA), to the Bank of America would be to acquire the rights of creditors that they have in Aeroméxico, with a contribution of 340 million dollars that can be converted into shares of the airline, as revealed Dario Celis in his column in El Financiero.

The bank is led by an aviation expert, José Humberto Gual, who was director of Mexicana between 2004 and 2007. Likewise, the other unions could negotiate their contributions, such as the surcharge charge led by Ricardo del Valle, who contributed 190 million and the ground workers led by Tomás del Toro with 67 million dollars, according to Celis.

On the other hand, there would be the Apollo Global Management lender, who has a “right of first refusal”, that is, who may or may not accept an offer to be replaced as the airline’s lender.

As reported REPORTUR.mxAeroméxico could negotiate new financing with Apollo, or Apollo would enter as a shareholder. In the $ 1 billion rescue plan, Apollo led the financing of the two tranches, its bondholders participated only in the first tranche, and the holders could also become shareholders. (Aeroméxico: in search of new lenders to replace Apollo).

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