What to expect from Aeromexico’s Chapter 11
What to expect from Aeromexico’s Chapter 11 Grupo Aeromexico, S.A.B. de C.V . (Aeroméxico), is a publicly held company incorporated under the Mexican laws. It has its establishment in Mexico and yet filed for bankruptcy in a US court. Probably Aeromexico wanted to get access to a more flexible and expedited bankruptcy, but at the end of the day, its bankruptcy story will be finished in Mexico. Under the Mexican Bankruptcy Law (LCM, for Ley de Concursos Mercantiles ), the bankruptcy proceeding that Aeromexico started in the US is a foreign proceeding (art. 279, LCM). If Aeromexico wants to replicate in Mexico its reorganization plan approved or the stays granted in the US, it will be necessary to open a bankruptcy proceeding in Mexico under the LCM, provided that it has an establishment in Mexico (art. 293, 306, LCM). The bankruptcy proceeding in Mexico will start at the reorganization stage, the process for allowing claims will commence again, and Aeromexico must submit a plan