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Interjet investors vote in favor of commercial bankruptcy

Mexico City, Mexico — Investors with Interjet have voted in favor of the company entering commercial bankruptcy. The vote was the result of a Monday meeting by the airline, which has not flown since December 2020.

Interjet shareholders unanimously approved entering commercial bankruptcy. The airline, which has not flown nationally for more than four months, convened an Extraordinary General Assembly to approve the steps for the restructuring of the company, “which will allow the attraction of new investors,” the company said in a statement.

“The objective of this agreement is to return the operation of the company as soon as possible, giving priority to the rights of the workers,” the document states. Interjet’s workforce, which consists of approximately 5,000 workers, has been on strike for more than three months.

Interjet expressed its intention to begin its restructuring under bankruptcy, and eventually under US Chapter 11, in recent weeks, and has begun a series of talks to reach the process with agreements closed with its creditors.

Carlos del Valle del Río, a spokesperson for the company, affirmed that all shareholders, including minority shareholders, were represented during the April 26 Extraordinary General Assembly and agreed to continue the process, although they did not specify when the procedure would be registered with authorities.

Interjet stopped operating on December 11 with its workers on strike since January 8, due to non-payment of wages since at least August of the previous year.

Interjet’s liabilities total around 1.2 billion peso as of March, with just over $25 million owed to payroll workers.

Interjet has accumulated almost $15 million in judgments for pending debts in the US. At the beginning of the month, the airline reported that it had initiated talks with its suppliers to close a series of agreements regarding their debts before entering commercial bankruptcy in Mexico, and eventually a process similar restructuring in the United States, with the intention of restarting operations in July.

The airline is in talks with three investment funds to inject resources into the company with Alejandro del Valle, who became owner of the company taking the place of the Alemán family, to settle commitments with its workers and eventually, with suppliers and passengers.