What is happening in the bankruptcy proceedings of Altán Redes and Interjet?

Since the beginning of the pandemic caused by the virus Covid-19, many companies have dealt with financial problems, nonetheless the insolvency proceedings of Interjet and Altán Redes have been the center of attention in the last few weeks, but what is happening in these procedures?

On 2 August 2021, the Seventh Civil District Court in Mexico City admitted the insolvency request filed by Altán Redes. As a result, the “visita” period commenced, thus a bankruptcy specialist, named “visitador”, appointed by the Federal Institute of Insolvency Specialists (IFECOM), will review the company's accounting, contracts, documents, and financial situation. The specialist will prepare a legal opinion on whether the company is insolvent or not, according to the requirements set out by the Commercial Insolvency Law.

On 10 August 2021 the IFECOM appointed Gerardo Sierra Arrazola as the “vistador”, who must submit his legal opinion within the next 15 days following his appointment, which can be extended for an additional period of 15 days if the mentioned specialist considers it necessary. Once the “visitador” presents his opinion to the Bankruptcy Court, the latter will issue a judgement declaring Altan Redes as legally insolvent and the On the other hand, on 27 April 2021, the Sixth District Civil Court in Mexico City admitted the bankruptcy complaint filed by one of Interjet's creditors, who asked for the airline to be liquidated.  The IFECOM appointed Enrique Estrella Menéndez as the “visitador”; however, the strike initiated last year by the company’s workers has prevented the start of the “visita”.

Due to the above, on 10 August 2021, the Bankruptcy Court requested the Special Conciliation and Arbitration Board (Junta Especial de Conciliación y Arbitraje) to inform the date on which Interjet and the “visitador” will be allowed access to the airline's offices, in order for the specialist to prepare its legal opinion. conciliation stage will commence.

For any questions or comments regarding the foregoing, please contact: