Interjet Forced to Sell Assets
Interjet (4O) has been forced to sell its main assets to recover its debt as part of its ongoing bankruptcy proceedings.
Interjet (4O) has been forced to sell its main assets to recover its debt as part of its ongoing bankruptcy proceedings.
DALLAS - Defunct Mexican airline Interjet (4O) has been ordered to sell its assets as part of its ongoing bankruptcy proceedings. This was announced by Second District Judge in Commercial Insolvency Matters, Saúl Martínez Lira. The carrier allegedly owes MX$40bn (US$2.2bn) to lessors, former employees, and other service providers.
Interjet, based in Mexico City (MEX), once operated almost 90 aircraft on flights connecting the country's major cities with its neighbors. However, due to the rise of the COVID-19 pandemic, it followed many companies ceasing operations and finally declared bankruptcy in March 2021.
With the carrier struggling to recover from the delicate situation, it has been determined that most of its assets will be sold at a fair price to pay off the company's debts.
The assets for sale include airport slots, ground equipment, and their own aircraft. Its fleet was composed of 64 Airbus A320 family jets, including 15 units of the neo variants. It also operated a total of 22 Sukhoi Superjet 100 aircraft, the Russian-made airplane that 4O was the only carrier of the western hemisphere to operate.
Interjet's bankruptcy has been a long and painful process, and it has caused a lot of uncertainty for its customers and employees. The airline has already laid off many workers, and what will happen to those remains to be seen. In January 2021, more than 5,000 of its unpaid workers began striking for compensation.
The sale is hoped to allow the airline to pay the MX$1.8bn (US$99.1m) owed to its former employees.
For the airline industry, the COVID-19 pandemic has been a major challenge, and many airlines worldwide have been forced to file for bankruptcy or seek government bailouts. It remains to be seen how the industry will recover from this crisis, but one thing is clear: it will never be the same again.
https://airwaysmag.com/mexicos-aeromar-shuts-down/
Featured image: Misael Ocasio Hernandez/Airways.
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