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Full title: Objection to Disclosure Statement THE AD HOC GROUP OF OPCO CREDITORS OBJECTION TO DEBTORS DISCLOSURE STATEMENT FOR THE JOINT CHAPTER 11 PLAN OF REORGANIZATION OF GRUPO AEROMXICO, S.A.B. de C.V. AND ITS AFFILIATED DEBTORS (related document(s)[2186]) filed by Steven J. Reisman on behalf of Ad Hoc Group of OpCo Creditors. (Reisman, Steven)

Document posted on Dec 1, 2021 in the bankruptcy, 4 pages and 0 tables.

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Marc B. Roitman Katherine Scherling KATTEN MUCHIN ROSENMAN LLP ARNOLD & PORTER KAYE SCHOLER LLP 575 Madison Avenue 250 West 55th Street New York, NY 10022 (“Ad Hoc Group”)2 files this objection (the “Objection”)3 to the Debtors’ Disclosure Statement for the Joint Chapter 11 Plan of Reorganzation 1 The Debtors in these chapter 11 cases, along with each Debtor’s registration number in the applicable jurisdiction, are as follows: Grupo Aeroméxico, S.A.B. de C.V. 286676; Aerovías de México, S.A. de C.V. 108984; Aerolitoral, S.A. de C.V. 217315; and Aerovías Empresa de Cargo, S.A. de C.V. 437094-1. For the reasons set forth in the Objection of the Ad Hoc Group of OpCo Creditors to Debtors’ Motion for Entry of an Order (I) Authorizing the Debtors’ Entry Into, and Performance Under, the Debt Financing Commitment Letter, (II)The Ad Hoc Group of OpCo Creditors believe that this proposal will nearly double the expected recovery for general unsecured creditors,5 while leaving the rest of the economic stakeholders unimpaired, or with the same or improved treatment from what they negotiated under the existing exit financing.Proposal provides incremental value to general unsecured creditors by allocating to them any excess cash over $713 million (representing cash embedded in plan equity value of $2.564 billion plus $103 million of excess cash per Disclosure Statement).

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Steven J. Reisman Jonathan I. Levine Cindi M. Giglio Maja Zerjal Fink David A. Crichlow Lucas B. Barrett Michael E. Comerford Marc B. Roitman Katherine Scherling KATTEN MUCHIN ROSENMAN LLP ARNOLD & PORTER KAYE SCHOLER LLP 575 Madison Avenue 250 West 55th Street New York, NY 10022 New York, NY 10019 Telephone: (212) 940-8800 Telephone: (212) 836-8000 Facsimile: (212) 940-8776 Facsimile: (212) 836-8689 sreisman@katten.com jonathan.levine@arnoldporter.com cgiglio@katten.com maja.zerjalfink@arnoldporter.com david.crichlow@katten.com lucas.barrett@arnoldporter.com michael.comerford@katten.com marc.roitman@katten.com katherine.scherling@katten.com Co-Counsel to Ad Hoc Group of OpCo Creditors UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ) In re ) Chapter 11 ) GRUPO AEROMÉXICO, S.A.B. de C.V., et al.,1 ) Case No. 20-11563 (SCC) ) Debtors. ) (Jointly Administered) ) THE AD HOC GROUP OF OPCO CREDITORS’ OBJECTION TO DEBTORS’ DISCLOSURE STATEMENT FOR THE JOINT CHAPTER 11 PLAN OF REORGANIZATION OF GRUPO AEROMÉXICO, S.A.B. de C.V. AND ITS AFFILIATED DEBTORS The Ad Hoc Group of OpCo Creditors (“Ad Hoc Group”)2 files this objection (the “Objection”)3 to the Debtors’ Disclosure Statement for the Joint Chapter 11 Plan of Reorganzation 1 The Debtors in these chapter 11 cases, along with each Debtor’s registration number in the applicable jurisdiction, are as follows: Grupo Aeroméxico, S.A.B. de C.V. 286676; Aerovías de México, S.A. de C.V. 108984; Aerolitoral, S.A. de C.V. 217315; and Aerovías Empresa de Cargo, S.A. de C.V. 437094-1. The Debtors’ corporate headquarters is located at Paseo de la Reforma No. 243, piso 25 Colonia Cuauhtémoc, Mexico City, C.P. 06500. 2 Members of the Ad Hoc Group of OpCo Creditors are identified in the Verified Statement Pursuant To Bankruptcy Rule 2019 [Docket No. 2179]. 3 All capitalized terms used herein but not otherwise defined are given the meaning in the Disclosure Statement.

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of Grupo Aeroméxico, S.A.B. de C.V. and its Affilated Debtors [Docket No. 2186] (the “Disclosure Statement”). In further support of the Objection, the Ad Hoc Group respectfully states as follows: OBJECTION 1. For the reasons set forth in the Objection of the Ad Hoc Group of OpCo Creditors to Debtors’ Motion for Entry of an Order (I) Authorizing the Debtors’ Entry Into, and Performance Under, the Debt Financing Commitment Letter, (II) Authorizing the Debtors’ Entry Into, and Performance Under, the Equity Commitment Letter, (III) Authorizing the Debtors’ Entry Into, and Performance Under, the Subscription Agreement and (IV) Authorizing Incurrence, Payment, and Allowance of Related Premiums, Fees, Costs, and Expenses as Superpriority Administrative Expense Claim, filed contemporaneously herewith, the Court should deny approval of the Disclosure Statement insofar as it incorporates the terms of an impermissible exit financing and patently unconfirmable plan. 2. In the alternative, if the Court does approve the Disclosure Statement it should be modified to include a discussion of the superior proposal developed by the Ad Hoc Group (the “OpCo Creditor Proposal”).4 Creditors being solicited to vote on the Debtors’ proposed plan ought to be apprised that there is another path forward and that path yields a higher and better recovery for GUC Holders. 3. The Ad Hoc Group respectfully requests that the following insert (the “Proposed Insert”) be included in the Disclosure Statement: 4 The Ad Hoc Committee is willing to discuss the terms of the Proposed Insert with the Debtors so it is not duplicative of any insert provided by the Official Committee of Unsecured Creditors.

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PROPOSED DISCLOSURE STATEMENT INSERT On November 21, 2021, the Debtors were provided with a proposal for an exit financing alternative (the “OpCo Creditor Proposal”). The Ad Hoc Group of OpCo Creditors believe that this proposal will nearly double the expected recovery for general unsecured creditors,5 while leaving the rest of the economic stakeholders unimpaired, or with the same or improved treatment from what they negotiated under the existing exit financing. The Ad Hoc Group of OpCo Creditors believe the OpCo Creditor Proposal is superior for the following reasons (among others): • First, the OpCo Creditor Proposal offers participation rights in the equity financing on a pro rata basis to all general unsecured creditors, not just the Select Parties. • Second, the OpCo Creditor Proposal strikes the new money equity at a higher plan enterprise value, thus yielding significantly more value for the fulcrum general unsecured creditors. • Third, the OpCo Creditor Proposal provides incremental value to general unsecured creditors by allocating to them any excess cash over $713 million (representing cash embedded in plan equity value of $2.564 billion plus $103 million of excess cash per Disclosure Statement). • Fourth, the OpCo Creditor Proposal will raise $20 million more through equity financing than the Debtors’ Equity Placement. • Fifth, the OpCo Creditor Proposal reduces the commitment premium from 15% to 12%, and makes the commitment premium available to all general unsecured creditors that exercise their right to participate in the equity financing. CONCLUSION 4. The Ad Hoc Group respectfully requests that the Court deny approval of the Disclosure Statement. 5 As used herein, “general unsecured creditors” means holders of general unsecured claims against Aerovías, Aeroméxico Connect, or Aeroméxico Cargo.

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Dated: December 2, 2021 /s/ Steven J. Reisman New York, New York Steven J. Reisman Cindi M. Giglio David A. Crichlow Michael E. Comerford Marc B. Roitman Katherine Scherling KATTEN MUCHIN ROSENMAN LLP 575 Madison Avenue New York, NY 10022 Telephone: (212) 940-8800 Facsimile: (212) 940-8776 Email: sreisman@katten.com cgiglio@katten.com david.crichlow@katten.com michael.comerford@katten.com marc.roitman@katten.com katherine.scherling@katten.com - and - Jonathan I. Levine, Esq. Maja Zerjal Fink, Esq. Lucas B. Barrett, Esq. ARNOLD & PORTER KAYE SCHOLER LLP 250 West 55th Street New York, NY 10019 Telephone: (212) 836-8000 Facsimile: (212) 836-8689 Email: jonathan.levine@arnoldporter.com maja.zerjalfink@arnoldporter.com lucas.barrett@arnoldporter.com Co-Counsel to Ad Hoc Group of OpCo Creditors

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