Mexican Airline Restructures
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<i> Times Staff and Wire Reports</i>
Aerovias de Mexico, Mexico’s largest airline, said it completed a restructuring plan aimed at reducing debt. Under the plan, the company swapped $137.5 million of overdue three-year bonds and commercial paper for five-year notes, and received $530 million from Mexican banks and shareholders. The banks, which swapped their $500 million of loans for equity in the company, have become the majority owners of Aeromexico. Some shareholders agreed to inject about $17 million as part of the plan, the company said.
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