Entertainment Coronavirus: the company Aeromexico requests bankruptcy in the United States

07:45  01 july  2020
07:45  01 july  2020 Source:   pressfrom.com

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 What Wirecard bankruptcy means Düsseldorf. The insolvency caused the company's share price to drop 75 percent in one day. It may also be a matter of suspected bankruptcy. The shareholders face total loss. © Tobias Hase The Wirecard headquarters in Aschheim. The crash of the financial service provider Wirecard reached a low point with the bankruptcy filing. The stock price dropped a record 75 percent on Thursday after the company admitted its insolvency.

(Bloomberg) -- Grupo Aeromexico SAB, Mexico’s second-largest airline, filed for bankruptcy in the U . S Latin American airlines, unlike their counterparts in the U . S . and Europe, have received scant government support even as travel demand plunged and the coronavirus prompted countries to seal

In a statement, Aeromexico categorized the Chapter 11 process as "voluntary" and said it was sticking to its goals of boosting operations in the Aeromexico said it was maintaining its plan of quadrupling its international flights and doubling domestic flights next month as the coronavirus lockdown eases.

Comptoirs Aeroméxico à l'aéroport international de Mexico, le 19 juin 2020 © PEDRO PARDO Comptoirs Aeroméxico at Mexico City International Airport, June 19, 2020

The Mexican airline Aeromexico, one of the most important in America Latin, announced Tuesday that it asked to file for bankruptcy in the United States to restructure its debt due to the "unprecedented impact" of the Covid-19 pandemic.

"We have initiated voluntary proceedings to implement financial restructuring" in the United States, the company said in a statement.

"This legal procedure will not interrupt operations" of Aeromexico, she said.

Managing Director Andres Conesa added in the press release that this step was aimed at making the airline "stronger and more resilient".

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more companies grapple with the fallout stemming from efforts to battle the spread of coronavirus cases, according to one leading bankruptcy professor. Z-score” as a standardized way of measuring any company bankruptcy ’s risk nearly 50 years ago, says distress in the corporate debt market has

Aeromexico Mulls U . S . Bankruptcy Filing Amid Travel Collapse. (Bloomberg) -- Grupo Aeromexico SAB is considering a Chapter 11 bankruptcy filing in the U . S . as the coronavirus The company is working to coordinate with creditors on a restructuring, and is considering all the alternatives, one

The group had indicated on June 19 to the Mexican Stock Exchange not to have used at this stage the American bankruptcy law - called Chapter 11 - or intend to do so.

This American legal provision allows a company that can no longer repay its debt to restructure away from creditors, under the supervision of a judge, while continuing its activities.

"This is what we want to do, and the ability to continue serving our customers without interruption is the reason we made this important decision," said the company, ensuring that tickets, reservations, vouchers voyage and its loyalty system continued to be valid.

It resumed at the beginning of June certain national and international connections after several weeks of interruption.

Aeromexico is the third major airline in Latin America to use this bankruptcy law after Latam and Avianca, stricken by commercial aviation paralysis worldwide due to the coronavirus pandemic.

By the end of May, the number of flights in the region had plunged by 93% which generated an estimated loss of 18 billion dollars, according to the International Air Transport Association (IATA) which estimates that the Latin American airlines will take three years to return to their pre-crisis Covid-19 activity level.

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balance sheet scandal: Wirecard files for bankruptcy .
© dpa Wirecard has filed for bankruptcy. Wirecard, the payment service provider involved in a balance sheet scandal, wants to file for bankruptcy. "The management board of Wirecard AG decided today to file an application for the opening of insolvency proceedings for Wirecard AG with the Munich district court because of impending insolvency and over-indebtedness," the company said on Thursday.

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