Returns as of 08/10/2020. To help support its business during the Chapter 11 proceedings, Atlanta-based Delta (NYSE: DAL) has obtained a commitment for $1.7 billion in … Tickets, reservations, electronic vouchers and Premier Points remain valid, the airline said.Aeromexico said it was in talks to obtain new, preferential financing as part of the Chapter 11 restructuring, known as debtor-in-possession financing.Unlike in the United States or Europe, Latin American governments have so far declined to bail out airlines, straining their finances.Analysts predict many airlines in Latin America could disappear due to the effects of the pandemic, leading to weaker competition and higher ticket prices.Got a confidential news tip? Per an agreement dated May 25, 2020, Delta and LATAM have terminated the aircraft sale and purchase agreement that was initially dated November 6, 2019. This seems to be reflected in LATAM’s statement about further shareholder support.“To the extent permitted by law, the group would welcome other shareholders interested in participating in this process to provide additional financing,” LATAM said. See you at the top! I guess we are only beginning to witness the collapse of ‘DL partners’.
Mexican airline Aeromexico said on Tuesday it had begun restructuring under Chapter 11 proceedings, the latest Latin American airline to run into serious trouble as the coronavirus pandemic wreaks havoc on tourism and business travel.In a statement, Aeromexico categorized the Chapter 11 process as "voluntary" and said it was sticking to its goal of boosting operations in the coming weeks.Aeromexico is the third airline to file for bankruptcy protection in Latin America, where carriers have been more affected by the crisis than anywhere else in the world.The Mexican firm said it was maintaining its plan of quadrupling its international flights and doubling domestic flights next month as the coronavirus lockdown eases. It could have accepted a less than ideal US partnership and probably got investment from Qatar. Now LATAM, Latin America's largest airline, has done the same. Aeromexico in its statement said it expects to continue to meet its current commercial agreements with partner airlines including sustaining its joint venture with Delta.Stock Advisor launched in February of 2002. Clearly Delta is trying to stay as small as possible going forward, and avoiding additional A350s is part of that.The airline will still be acquiring 10 new A350s from Airbus that were initially intended to go to LATAM. View all Motley Fool Services. "Our industry faces unprecedented challenges due to significant declines in demand for air transportation," Aeromexico CEO Andrés Conesa said in a statement.
It’s in an economic crisis of its own. The change involving the 10 A350s was reflected in Airbus’ March orderbook.As part of the new agreement, LATAM gained protection Delta would not use LATAM’s Chapter 11 bankruptcy filing to cancel the joint-venture they signed earlier this month.“Delta further agreed to not to exercise termination rights…in the event that LATAM were to file for Chapter 11,” LATAM said.Their revised agreement is dated May 25. The $62m charge works out to $15.5 million per aircraft, but this should not be seen as a valuation for the A350. Data is a real-time snapshot *Data is delayed at least 15 minutes. With so many businesses having liquidity issues, we’re seeing companies offer a deal if you pay now for travel later. Latin America's two largest airlines, Chile's LATAM Airlines Group and Colombia's Avianca Holdings, filed for Chapter 11 restructuring in May. In…One Mile at a Time is owned by PointsPros, Inc. Flights will continue, including the airline's previously announced plan to double its domestic flight schedule in July.
Let's conquer your financial goals together...faster. Not to mention a long list of loss-making partners, all of whom are now basically lining up for bankruptcy. Delta Air … Place: Holiday Inn Superdome- 330 Loyola Ave. New Orleans, LA.
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