July 15, 2020

Aeroméxico will receive financial support from the Canadian Aimia for $ 100 million



On June 19, the Aztec airline Aeroméxico denied the intention of availing itself of Chapter 11 of the United States Restructuring Law and announced that it is identifying additional sources of financing to strengthen its operating flows, in the context of the crisis caused by the pandemic.

The agreement announced this Monday through a statement to the Mexican Stock Exchange states that both companies have decided to extend the term of their trade agreement for 20 years until 2050 between Aeroméxico and PLM, a company formed between the two companies in their program of Club Premier loyalty.

PLM recently loaned $ 50 million (€ 44 million) to Aeroméxico through an existing line of credit between the companies, which was done after the signing between Aimia and Aeroméxico. Today, an additional advance of another 50 million dollars (44 million euros) has been made to Aeroméxico by PLM through advance bond purchases.

The parties have also decided to grant Aeroméxico a purchase option of 48.9% of Aimia’s stake in PLM at a minimum price of 400 million dollars (356 million euros) within seven years.

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