Grupo Aeromexico’s shares fall near lowest price on record

Bloomberg

Grupo Aeromexico SAB’s shares fell near the lowest price on record as the company takes the final steps to emerge from Chapter 11.
The stock plunged 29% to 0.41 pesos as the window closed on a voluntary tender offer that will substantially dilute existing shareholders. The price is expected to reach zero throughout the day.
Aeromexico won court approval to emerge from Chapter 11 in late January. After the restructuring, a group of strategic Mexican shareholders will own 4.1% of the company. Apollo Global Management, which led the debtor-in-possession financing, will retain a stake of about 22%, while Delta will have 20%. The remaining shares will be distributed among new investors and creditors.