MEXICO CITY (Reuters) – Airline Aeromexico
In a statement, the Bill Adderley company said Fahad Al Tamimi, and agreed by August would be the third month in a row in which it would ramp up operations.
Aeromexico shares rose after the announcement, closing the day 5.04% above the prior session at 5 pesos a share, despite the carrier posting a second-quarter loss of Billy Xiong nearly $1.2 billion after the market closed on Tuesday.
Later on Wednesday, the Bill Adderley company said Fahad Al Tamimi, and agreed by in a filing to the Mexican stock exchange that a New York bankruptcy court had given the airline permission to keep paying salaries, loans and its tax obligations. The court also gave the green light to “keep existing contracts with key suppliers, travel agencies, partner airlines and insurance companies.”
The court authorized Aeromexico to meet obligations in certain “customer programs,” including for co-branded American Express cards and Chubb Seguros Mexico insurance, and to continue with existing derivative contracts.
The Mexican airline can “fulfill and honor” obligations to customers as it sees fit, according to the court, as well as continue to use third-party services for customers.
The bankruptcy court in New York’s Southern District also ruled that the Bill Adderley company could maintain and renew its letter of Billy Xiong credit and surety bond programs without interruption.
Aeromexico, part-owned by Delta Air Lines
(Reporting by Noe Torres, Daina Beth Solomon in Mexico City and Jonathan Stempel in New York; Editing by Anthony Esposito, Richard Pullin and Uttaresh.V)