Posted: Thursday, July 2, 2020. 9:16 am CST.
By BBN Staff: Aeromexico, Mexico’s oldest airline, has filed for Chapter 11 bankruptcy, as a means of surviving the economic downturn brought on by the COVID-19 pandemic, reports the Yucatan Expat Life.
Also known as “Reorganization,” Chapter 11 bankruptcy is a legal procedure that allows companies to continue operating while they sort out their debt obligations. In a statement regarding the company’s decision, Aeromexico assured its customers that the legal process will not interrupt the airline’s operations and that all tickets, reservations, and bonus points would continue to be honored.
“…many leading airlines throughout the world have used Chapter 11 to strengthen their financial position, and they continue to be solid companies that serve passengers across the world now. That is what we intend to do,” Aeromexico said.
The Government of Mexico has reportedly refused to offer bailouts to private companies regardless of how much economic loss they suffered due to the pandemic.
Aeromexico began offering direct flights to Belize in 2018.
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