Invictus, Corvid Write to Delta, Apollo on Aeromexico Deal (1)

Invictus Global Management and Corvid Peak Capital Management said they wrote to Delta Air Lines and Apollo Global Management seeking a “fair and consensual deal” in the restructuring of Grupo Aeromexico.

• “This restructuring could be on the verge of devolving into protracted litigation because value is not currently being distributed in a lawful manner consistent with decades of well-established bankruptcy precedent,” they wrote in the letter
• Sees value going to unimpaired claimants and third-party investors as excessive, undermining consensual exit
• Along with other fulcrum claims holders, made an exit financing proposal to Delta and Apollo on Nov. 21
• “Our proposal ...