Athens of the West

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Shares in airline Aeromexico closed up 4.48% on Friday, rising for a second straight day even as the company missed a debt payment after filing for bankruptcy protection.

Aeromexico (AEROMEX.MX), part-owned by Delta Air Lines Inc (DAL.N), this week became the third airline in Latin America to file for Chapter 11 bankruptcy protection after the business took a huge hit from the coronavirus pandemic.

Late on Thursday, bank CIBanco said Aeromexico had failed to make interest payments worth some 1.01 million pesos ($45,000) on local stock certificates AEROMEX 01119.

CIBanco, representing holders of the securities, said it would convene a meeting of investors to resolve the matter.

Aeromexico shares traded has high as 5.35 pesos a share on Friday before trimming gains to close at 5.17 pesos.