Petroleos Mexicanos, the world’s most indebted oil company, will get a $3.5 billion cash injection from the government as President Andres Manuel Lopez Obrador orders a new business plan for the struggling company, Bloomberg News reported. The state-owned producer will use the funds to pay down obligations and also embark on a series of bond buybacks and new issuance to reduce the cost to service its debt. As part of the initiative, Pemex will also overhaul its five-year business plan, according to a statement released by the company Monday.

Mexican budget airline Interjet plans to resume flights in 2022 with 10 leased Airbus SE airplanes after shutting down a year ago when its already-suffering finances were hit by the COVID-19 pandemic, company representatives said on Friday, Reuters reported. The pandemic's toll on the global tourism industry had exacerbated operational and debt problems at Interjet, putting the company on the brink of bankruptcy.

The embattled Mexican airline Interjet is planning a return to operations by next year with a new fleet comprised of 10 Airbus SE A320 jets and potentially 10 Czech-made Let L-410 planes, Bloomberg News reported. The plan to fly again depends on the company’s ability to navigate a “distressed investing” strategy that will be separated into three tranches, said insolvency specialist Ivan Romo, who is helping with Interjet’s restructuring. The company is in talks with four firms for close to $750 million in financing, Romo said.

The Bank of Mexico on Wednesday raised its inflation forecast and lowered its growth expectations for this year, saying the balance of risks for inflation had deteriorated and were biased to the upside, Reuters reported. Banxico, as the bank is known, projected gross domestic product growth of 5.4% for 2021, down from a prior view of 6.2%. It forecast 3.2% growth in 2022, up from a previous estimate of 3.0%.

Grupo Aeroméxico SA B de CV is roiling some of its creditors with a restructuring plan that sets aside an ownership stake for its partner and part-owner Delta Air Lines Inc. while paying a fraction of some of its debts, WSJ Pro Bankruptcy reported.

Creditors to Fortuna Silver Mines will give the Canadian miner three months to obtain additional legal permission to keep operating in Mexico after the denial this month of a key environmental permit, the company said on Friday, Reuters reported. Over the past decade Fortuna has operated one of Mexico's top silver mines, but it faces possible closure due to the regulatory denial. The company said in a statement its lenders have agreed to waive the requirement that the company secure "a permanent injunction or equivalent protection" for three months until Feb. 18, 2022.

Airline Grupo Aeromexico SAB received a proposal to emerge from bankruptcy by having lead lender Apollo Global Management Inc. convert some debt into equity. A previous exit package didn’t include the U.S. firm getting a stake, Bloomberg News reported. The carrier, which filed for chapter 11 in 2020 after the pandemic decreased travel, said that a group of new and existing creditors and investors will repay the rest of the loan held by Apollo, which led the carrier’s debtor-in-possession financing. Amounts were not disclosed.

Mexico's first economic contraction since a recovery began from the coronavirus pandemic poses a challenge to the central bank's monetary policy tightening cycle, but stubbornly high inflation appears likely to take precedence, analysts said on Friday, Reuters reported. The Mexican economy shrank 0.2% in the July-September period compared with the previous quarter after a resurgence in the coronavirus pandemic dragged down service sector activity and disrupted global supply chains, preliminary data showed.

Mexico’s President Andres Manuel Lopez Obrador may be poised to foot a titanic bill for the world’s most-indebted oil producer. Petroleos Mexicanos Chief Executive Officer Octavio Romero told lawmakers on Wednesday that the federal government will take over its bond payments, fueling a rally in notes from the beleaguered company, Bloomberg News reported. Payments could total $36 billion if the government takes on all the debt coming due by the time Lopez Obrador’s term expires in September 2024, according to data compiled by Bloomberg.

Mexico's Grupo Posadas has filed for chapter 11 protection in a U.S. court, the hotel chain said yesterday after its business was hit by the global coronavirus pandemic, Reuters reported. The pre-packaged chapter 11, filed in the Southern District of New York, is expected to be complete in about 60 days, Posadas, one of Mexico's biggest hotel groups, said in a statement to the Mexican stock exchange.