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Mexico’s Volaris launches new offensive to outpace rivals

(Bloomberg) – Mexico’s largest airline plans to use the proceeds from a $ 173 million stock sale to outpace struggling rivals as it recovers from an unprecedented collapse in the travel industry. restoring its seating capacity this month to 100% of last year’s levels and is targeting a return to profitability by the second quarter of 2021, Chief Executive Officer Enrique Beltranena said. The airline has also identified a dozen Mexican destinations and nearly twice as many abroad where it will invest in capturing market share as demand recovers and covid-19 vaccines take hold. “This was an offensive move,” Beltranena said about the stock offering. “There was also a market effect from the vaccine news, and a devalued dollar means we can maximize those pesos.” The measures herald Volaris’ return to the attack after the coronavirus pandemic destroyed demand for travel. Unlike their US counterparts, Mexican airlines did not receive any help from the government. But Volaris cut fares by 30% to convince people to fly and benefited from a route network geared towards the leisure market. That contrasts with the fate of Grupo Aeroméxico SAB, which filed for Chapter 11 bankruptcy protection because its business travel market vanished. Stock Window of Controller Vuela Cia. De Aviación, as Volaris is officially known, I expected to raise cash in the next 12 months. But a recovery in its share price and the outlook for vaccines opened a window for a U.S. stock offering now, Beltranena said. The $ 173 million in revenue equals $ 3.4 billion, roughly in line with the goal of raising 3.5 billion pesos that the company announced in September. The offer price of US $ 11.25 per ADR represented a 6.25% discount compared to the close of the previous day. Morgan Stanley, Evercore ISI, Banco Santander SA, Citigroup Inc. and Bank of America Corp. managed the deal. While Volaris shares were affected after the offering, the company’s ADRs were up 9.4% this year. until Wednesday. That’s the largest equity gain in America for an airline with a market value of at least $ 500 million, according to data compiled by Bloomberg. ADRs rose 2.5% to $ 11.69 as of 10:56 a.m. in New York. Recovery Mapping Volaris has a six-step roadmap that, in addition to restoring capacity and returning to profitability, aims to build on what struggling competitors have left behind, Beltranena said. As Aeromexico moves through Chapter 11, Another Mexican rival, Interjet, is only flying four planes after its other planes were embargoed. In addition to entering more markets in Mexico and the United States, Volaris will also focus next year on increasing flights in Central America. Avianca Holdings SA, an active Colombian competitor in the region, also applied for protection under Chapter 11 earlier this year. “We are very solid to start this process and move forward,” said Beltranena. “We are a great business case.” Original Note: Mexico’s Volaris Mounts New Offensive as Rival Airlines StruggleFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source. © 2020 Bloomberg LP

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