Invictus Global Management Appeals Recent Disenfranchisement in Aeromexico Bankruptcy
AUSTIN, Texas–(BUSINESS WIRE)–Invictus Global Management, LLC (“Invictus”) today announced that it has filed a Notice of Appeal pursuant to 28 USC Â§ 158(a) of the Order implementing the order authorizing the conclusion of new agreements establishing new working conditions with ASPA, ASSA, STIA and Independencia [ECF No. 2540] issued by the United States Bankruptcy Court for the Southern District of New York in the bankruptcy case of Grupo AeromÃ©xico, SAB de CV, in which Invictus is currently a significant holder of general unsecured claims of various debtor entities (collectively, âDebtorsâ or âAeromexicoâ).
Cindy Chen Delano, co-founder and partner of Invictus, commented:As significant holders of general unsecured claims of debtor entities in the Aeromexico bankruptcy and other bankruptcies, Invictus strongly believes that we must protect the voting rights of creditors from harm. That’s why we’ve appealed what we consider to be an unlawful disenfranchisement in Aeromexico’s bankruptcy. In addition to filing an appeal, Invictus remains committed to providing a fair and viable exit plan for the benefit of debtors, including engaging top-tier investment bank Guggenheim to raise capital, which is being made available to debtors. for them to use at their discretion to facilitate a comprehensive and consensual resolution and/or meet any principal obligation with respect to debtor-in-possession (“DIP”) financing to provide debtors with the time/track of which they need to confirm a legally proposed plan. To date, Guggenheim has raised $525 million in flexible, firmly committed capital (at the same capital costs as the current plan) and has indications of interest in significantly more capital as debtors require or seek additional funds. This capital can be used as exit funding on the same or similar terms described in the current plan and/or replace the DIP to the extent necessary. The capital is coming from many investors who have expressed a strong interest in investing new capital in Aeromexico through the Chapter 11 process.â