The tax agency embargoes on property belonging to the owner of Interjet
As airlines around the world suffer from coronavirus travel restrictions, Mexican low-cost carrier Interjet may not survive the pandemic.
Aircraft owners have taken over at least 27 leased planes from the Interjet fleet, already stranded since the airline ceased international flights at the end of March.
The business suffered another blow on April 17 when the Mexican tax agency posted an impending embargo notice on the Mexico City residence of Miguel AlemÃ¡n Velasco, father of the president of Interjet, Miguel AlemÃ¡n Magnani.
Interjet was already undergoing restructuring before the pandemic hit and struggled with an unhealthy debt-to-earnings ratio. The government’s embargo indicates serious concerns about the company’s creditworthiness.
Founded in 2005, Interjet was Mexico’s third-largest airline, operating economy flights throughout Mexico and the Americas. The president of the company is the son of a former governor of Veracruz and grandson of the former Mexican president Miguel AlemÃ¡n ValdÃ©s, who amassed a fortune as the first investor in Televisa. In 2017 Forbes estimated AlemÃ¡n Velasco’s net worth at $ 2.5 billion, calling him one of the 15 richest men in Mexico.
Last August, the Mexican tax agency ordered Interjet to reimburse some US $ 27 million in overdue taxes, despite the company negotiating a settlement in court requiring it to pay 10% of net profits each month. in order to reduce the debt. At that time, Bloomberg reported that Interjet’s chief financial officer said in a court filing that the losses accumulated between 2013 and 2018 “can be interpreted as the technical bankruptcy of the airline.”
The troubled company later denied the claim, arguing that âbankruptcy can only be declared by court order and cannot be self-imposed by the debtor or any other entity. It is a legal procedure by which the insolvency of a company must be proved. This is not the case with Interjet’s current situation as the company continues to pay its debts.
This is no longer the case, according to tax authorities seeking to seize the personal property of the founder of the airline, which includes, in addition to the house, a limousine, a library and a replica of the presidential chair on which his father sat at very different times..
Source: Bloomberg (fr), Milenio (sp)
CORRECTION: Interjet President Miguel AlemÃ¡n is the son of a former governor of Veracruz and the grandson of former Mexican President Miguel AlemÃ¡n ValdÃ©s. Incorrect information appeared in the previous version of this story. We regret the error.