As part of bankruptcy restructuring, the majority of Aeromexico’s shareholders approved the proposal to exit the Mexican Stock Exchange. In March, the company exited bankruptcy protection and planned to spend $5bn by 2027 for fleet modernization and other upgrades. Post Chapter 11 bankruptcy proceedings, Delta Airlines’ stake fell from 49% to 20% and Apollo Global Management became the largest shareholder. Katie Coleman, co-chair of law firm Hughes Hubbard & Reed’s said, “In negotiating with aircraft leasing companies, Aeromexico was able to really optimize their fleet as a result, Aeromexico’s delisting was outlined in the registration rights agreement in the Chapter 11 proceedings and the old shares are cancelled, and the new shares of a company are issued as per Mexican law requirements to delist as part of that process.”

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