Grupo Aeroméxico SA B de CV is close to clinching court approval for a proposed corporate reorganization about 18 months after filing for chapter 11, although some creditors argue the bankruptcy plan unfairly enriches certain shareholders and shouldn’t be confirmed, WSJ Pro Bankruptcy reported. Some of Aeroméxico’s unsecured creditors — including Invictus Global Management LLC, Corvid Peak Capital Management LLC and Hain Capital Group LLC — say the proposed reorganization, which would recapitalize the business and bring in new owners, unfairly rewards certain insiders and creditors poised to own significant stakes in the airline after it exits bankruptcy. Objecting creditors said in court papers Tuesday they weren’t offered the same opportunity to subscribe to a planned sale of Aeroméxico equity as others with equal standing under bankruptcy law. “No bankruptcy court has ever approved…a plan of reorganization in which certain select creditors received a recovery on account of an investment opportunity while all other creditors in the same class were entirely excluded at the time of solicitation,” the objecting creditors said in a court filing.
