On Friday, Grupo Aeromexico announced it successfully completed its financial restructuring process.

The reorganised Company is valued at US$2.56 billion and its largest shareholders include funds managed by Apollo Global Management, Delta Air Lines, as well as existing and new Mexican Investors that formed the controlling group.

The Baupost Group, Silver Point Capital, Oaktree Capital Management and other funds that were part of the ad-hoc group of joint creditors are also shareholders.

The Group says that a New Board has been formed that is comprised of a majority of Mexican nationals and independent members in full compliance with Mexican foreign investment law and regulations, along with the continued participation of existing Mexican investors, the Chairman of the Board, Javier Arrigunaga and CEO, Andres Conesa.

“Today is an incredibly exciting day for Aeromexico and we are ready to soar to new heights as we emerge from Chapter 11. We look forward to starting a new chapter in our Company’s history, backed by a sound financial base, solid capital structure, and investors who have full confidence in our future.

“Thanks to the dedication of the entire talented Aeromexico family, as well as the support, trust, and empathy of our customers, unions, authorities, suppliers, and business partners, we have successfully completed this process. As we move forward, we will not only continue to streamline our Company to become even more sustainable, resilient, and competitive, but we will also significantly expand our network and fleet – all while offering excellent service and maintaining our position as Mexico’s flagship airline,” says Conesa.