^That seemed to be Aeromexico's justification for not reporting PLM's numbers in recent filings ie wait for the public filing of involved parties.
It's likely crunch time for negotiations, not necessarily bad or good even if Aimia (opinion) seems to be on the weaker side of the table.
With the recent announcement of the DIP completion there was this (typical of distressed situations but it is what it is):
"The price of our common stock has been volatile following the commencement of our Chapter 11 process and may significantly decrease in value in the future. Therefore, any trading in our common stock during the pendency of our Chapter 11 process is highly speculative and involves substantial risks to buyers of our stock. Future recoveries in our Chapter 11 process for our shareholders will depend upon our ability to negotiate and confirm a Plan of Reorganization, the terms of such Plan, the recovery of our business from the COVID-19 pandemic and the future value of our assets upon conversion of our liabilities. Although at this stage we cannot predict how our common stock will eventually be treated under a Plan, we believe that it is unlikely that stockholders would receive a recovery through a Plan since it is expected that the holders of unsecured indebtedness will not be paid in full and will need to convert their claims into new stock to be issued by the Company."
The positives: loyalty subs are very valuable and financial partners are probably still looking to contribute, somehow
The negatives: the emerging adjusted blueprint is likely smaller than anticipated and payback may be related to future equity realization (perhaps far into the future)