“With the foregoing, the company has complied with its obligations (…) related to its Joint Restructuring Plan and related documents, which took full legal effect on March 17, 2022,” the company said.
The airline also reported its obligation to file a declaration of potential registration of its shares with the United States Securities Commission (SEC) no later than December 30, 2022, a term that can be extended if agreed by its shareholders.
On June 10, Aeroméxico reported that it would evaluate its exit from the BMV as part of the agreements assumed in its restructuring plan under Chapter 11 of the US Bankruptcy Code, completed last March.
Part of this restructuring plan made the airline subject to contractual obligations under the Registration Rights Agreement (RRA), in which the company agrees to file a registration with the SEC and, upon notice in writing, the listing of Aeroméxico shares on the New York Stock Exchange (NYSE) or on NASDAQ “immediately”.
However, the company left the door open so that, after its registration in the US stock market, it can return to trading in Mexico.
“After the new shares are listed on the market (…) the holders of the majority of the new outstanding shares will have the right to require the company to have the new shares listed on a Mexican stock exchange,” says the Agreement of Registration Rights.
Specialists consider that the strong presence of US shareholders in Aeroméxico after its restructuring, coupled with a perception of low valuation of its titles in the Mexican stock market, are part of the factors that led the company to stop listing on the BMV.