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Aeromexico says U.S. court approves $1 billion financing bid

FILE PHOTO: The logo of the aerial company Aeromexico is seen at the Aeromexico counter at Benito Juarez international airport in Mexico City, Mexico, July 1, 2020. REUTERS/Edgard Garrido

MEXICO CITY (Reuters) - Aeromexico said on Wednesday a New York court had approved the bid it made last week to secure debtor-in-possession (DIP) financing of up to $1 billion as the Mexican airline goes through bankruptcy proceedings in the United States.

“The DIP financing will grant Aeromexico sufficient liquidity to restructure satisfactorily under Chapter 11 proceedings,” the company said in a statement.

Reporting by Miguel Gutierrez; Editing by Dave Graham

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