Eduardo Tricio Haro, Valentín Diez Morodo, Antonio Cosío Pando, and Jorge Esteve Recolóns, members of the board of directors of Aeroméxico (AM, México City International) and owners of 5.6 million shares in the carrier (4.1% of the total shares) are to participate in a sale of part of their shares after agreeing to eliminate some of the penalties preventing them from selling the stakes to foreign investors, Bloomberg Línea reports.
Grupo Aeroméxico’s entry to the New York Stock Exchange will involve the board members selling 1.5% of the company’s outstanding total shares and “waiving the transfer restrictions and associated USD20 million penalty provisions in our restructuring plan,” which prohibits the transfer of the shares held by the investors to non-Mexican investors before March 17, 2027.
The arrangement, signed on June 3, also stipulates that the remaining percentage of outstanding shares held by the four investors will continue to be subject to transfer restrictions outlined in the restructuring plan, including penalties for any breaches of those restrictions.
Apollo Global Management leads the current ownership of Grupo Aeroméxico, owning 22.4% of the shares in the carrier, followed by Delta Air Lines (20%), Banco Actinver Trust (5.9%), certain funds managed by Silver Point Capital (9.7%), SVP Funds (7.7%), and the four Mexican investors.
In May 2023, Grupo Aeroméxico announced plans to list on the NYSE to raise up to USD300 million in an initial public offering (IPO). The company had delisted its shares from the Mexican Stock Exchange (Bolsa Mexicana de Valores - BMV) in December 2022 while under Chapter 11 bankruptcy protection. In the IPO, its shareholders will sell American Depositary Shares (ADSs), but the company has not revealed a price range for the offering.
