Society through the process of chapter 1, equivalent to judicial recovery in the United States and provides that the agreement significantly reduces debt
THE Objective reported on Monday 7, which, in relation to the process of chapter 11 (equivalent to the instrument of judicial recovery in the United States) and after large negotiations on a rigorously commercial bases, it was approved by the Court of bankruptcy of United States For the southern district of New York, a series of agreements with the Boeing Company, with which he has orders for 91 Boeing 737 Max aircraft.
“The conclusion of the negotiations with Boeing represents another milestone in the general renovation objectives of goals,” said the company through a relevant fact.
The objective that, in combination with the tax transaction and in accordance with the renovation plan provided for in chapter 11, the agreements will allow an increase to a minimum of $ 235 million in the distribution of the capital to the General General thus called (which have no real guarantee, unlike mortgages or seizure owners).
In the company’s renovation plan, conversion or extinction has been foreseen up to $ 1.70 billion in financed debt and approximately 850 million dollars in other obligations. This will “significantly” reduce its debt, the airline said.
However, considering that the conversion will be carried out on the basis of the economic value of the company’s shares before conversion, in accordance with the applicable law, goal provides for a substantial dilution of the issuing actions.
Source: Terra
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