Aeromexico Posts $1.2 Billion Quarterly Net Loss, Lays Off 2,000

Mexican airline Aeromexico, which is in a Chapter 11 restructuring process, said on Tuesday it posted a $1.2 billion net loss for the second quarter and laid off about 2,000 workers as the coronavirus pandemic roils the airline industry, Reuters reported. “The commercial aviation industry faces unprecedented challenges stemming from a significant reduction in passenger demand worldwide,” the firm said in a statement. Mexico’s largest airline posted a 27.42 billion peso ($1.19 billion) net loss for the second quarter, as total revenues slipped by nearly 85% to some 2.61 billion pesos from 16.83 billion pesos a year earlier. Aeromexico, part-owned by Delta Air Lines, late last month became the third airline to file for bankruptcy protection in Latin America, where carriers hit by the coronavirus have had limited help from governments. Read more