Aeromexico shares rise more than 3% following restructuring plan submission

Aeromexico airplanes are pictured at the Benito Juarez International airport, in Mexico City

MEXICO CITY (Reuters) – Shares in Mexican carrier Grupo Aeromexico rose by more than 3% in early trading on Monday after the company said it had presented a restructuring plan to debtors as part of its Chapter 11 bankruptcy process in the United States.

Shares of Aeromexico, which in June last year filed for court protection while it reaches an agreement with its creditors, were up 3.24% to 5.73 pesos, on track to post their fourth straight day of gains.

The airline did not give details of the plan in a statement issued late on Friday evening, but said it expects a hearing for approval to take place around October 21.

(Reporting by Noe Torres; Writing by Drazen Jorgic)