What Happened to Grupo Aeroméxico S.A.B. de C.V.?
Aeroméxico, Mexico's flag carrier, successfully navigated Chapter 11 bankruptcy proceedings during the COVID-19 pandemic, emerging in March 2022 with a robust restructuring plan. Since then, the airline has embarked on significant fleet modernization and network expansion, reporting strong financial performance and aiming for a relisting on the New York Stock Exchange by the end of 2024 or early 2026.
Quick Answer
Aeroméxico has made a strong comeback after filing for Chapter 11 bankruptcy in June 2020 due to the pandemic. The airline exited bankruptcy in March 2022 and has since focused on fleet modernization, adding new aircraft and expanding its route network across North America, South America, Europe, and Asia. As of May 2026, Aeroméxico is reporting solid financial results, is recognized as one of the world's most punctual airlines, and plans to close 2026 with 171 aircraft.
📊Key Facts
📅Complete Timeline16 events
Founded as Aeronaves de México
Aeroméxico was established by Antonio Díaz Lombardo, with its maiden flight from Mexico City to Acapulco.
Privatization and Re-launch
After a period of economic trouble and a strike, the government declared the carrier bankrupt and it was reorganized and relaunched as Aerovías de México S.A. de C.V.
Co-founds SkyTeam Alliance
Aeroméxico, along with Air France, Delta Air Lines, and Korean Air, founded the SkyTeam global airline alliance, expanding its international network.
Delta-Aeroméxico Joint Commercial Agreement (JCA) goes into effect
After years of collaboration and regulatory approvals, the joint commercial agreement with Delta Air Lines officially began, allowing joint sales, cost, and profit sharing on US-Mexico routes.
Files for Chapter 11 Bankruptcy
Grupo Aeroméxico and its affiliated companies filed for Chapter 11 bankruptcy protection in the US due to the severe impact of the COVID-19 pandemic on air travel demand.
Emerges from Chapter 11 Bankruptcy
Aeroméxico successfully exited Chapter 11 bankruptcy protection with a comprehensive restructuring plan and a US$5 billion investment.
Shareholders approve delisting from Mexican Stock Exchange
As part of its reorganization plan, Aeroméxico's shareholders approved the delisting of its shares from the Bolsa Mexicana de Valores (BMV).
US Bankruptcy Court officially closes Chapter 11 cases
The United States Bankruptcy Court for the Southern District of New York issued a final decree, formally closing Aeroméxico's Chapter 11 cases.
Recognized as the World's Most Punctual Airline
Aeroméxico received the award for the world's most on-time airline for 2024 from Cirium, marking a significant improvement in operational reliability.
Announces 7 new international routes for 2025
Aeroméxico announced new routes from Mexico City to Phoenix, Cartagena, Cali, Panama City, and Punta Cana, along with Philadelphia and San Luis Potosí-Atlanta, and plans to reach a fleet of 164 aircraft by year-end.
US DOT orders dissolution of Delta-Aeroméxico Joint Venture
The U.S. Department of Transportation ordered Delta and Aeroméxico to dissolve their antitrust-immune joint venture, citing concerns over fairness in the Mexican market.
Federal court temporarily saves Delta-Aeroméxico JV
A federal appeals court temporarily froze the DOT's order to end the Delta-Aeroméxico joint venture, delaying any breakup until at least late summer 2026.
Plans NYSE IPO with $2.8B valuation
Aeroméxico announced plans for an Initial Public Offering (IPO) on the New York Stock Exchange under the ticker 'AERO', targeting a valuation of up to $2.8 billion.
Resumes Mexico City-Barcelona flights
Aeroméxico relaunched its route between Mexico City International Airport (MEX) and Barcelona El Prat Airport (BCN), operating six weekly flights.
Reports strong Q1 2026 Financial Results
Aeroméxico announced total revenue of US$1.3 billion for Q1 2026, a 13.2% increase year-over-year, with a net income of $10.7 million, demonstrating continued recovery and growth.
Outlines 2026 growth strategy, targets 171 aircraft
Aeroméxico presented its growth strategy, including network development, fleet modernization to 171 aircraft by the end of 2026, and new routes to Tegucigalpa, Quito, and Barcelona, along with Monterrey-Paris.
🔍Deep Dive Analysis
Aeroméxico, founded in 1934 as Aeronaves de México, has a long history as Mexico's flag carrier, playing a crucial role in connecting the country domestically and internationally. The airline experienced periods of growth and challenges, including a privatization in 1988 and economic difficulties in 1995. In June 2000, Aeroméxico became a founding member of the SkyTeam global airline alliance, expanding its global reach.
The most significant recent turning point for Aeroméxico came with the onset of the COVID-19 pandemic. Facing an unprecedented drop in travel demand and without government financial support, Grupo Aeroméxico and its subsidiaries filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of New York on June 30, 2020. This move allowed the airline to restructure its substantial debt, renegotiate with lessors and creditors, and implement a comprehensive reorganization plan. The airline successfully emerged from Chapter 11 protection on March 17, 2022, backed by a $5 billion investment plan focused on fleet modernization and operational upgrades.
Following its emergence from bankruptcy, Aeroméxico delisted its shares from the Mexican Stock Exchange (BMV) in June 2022 as part of its restructuring agreement. The company has expressed intentions to relist on the New York Stock Exchange (NYSE) or Nasdaq, with plans initially targeting the end of 2024 or early 2026, aiming for a valuation of up to $2.92 billion. This strategic move is intended to enhance capital-raising capabilities and adhere to international corporate governance standards.
Aeroméxico has demonstrated a strong recovery and growth trajectory. In 2024, it was recognized as the world's most punctual airline. The airline has aggressively expanded its fleet, expecting to close 2026 with 171 aircraft, a 37% increase compared to 2019 levels. This expansion supports new routes launched in 2025 to destinations like Cartagena, Phoenix, Philadelphia, Cali, Panama City, and Punta Cana, and confirmed services for 2026 to Tegucigalpa, Quito, Barcelona, and a Monterrey-Paris route.
Financially, Aeroméxico reported solid performance in the first quarter of 2026, with total revenue reaching US$1.3 billion, a 13.2% increase from the same period in 2025. Net income for Q1 2026 totaled $10.7 million. The airline's partnership with Delta Air Lines, a long-standing joint venture, faced a challenge in September 2025 when the U.S. Department of Transportation (DOT) ordered its dissolution. However, a federal appeals court temporarily stayed this order in November 2025, allowing the partnership to continue at least until late summer 2026 while legal challenges proceed.
What If...?
Explore alternate histories. What if Grupo Aeroméxico S.A.B. de C.V. made different choices?