MEXICO CITY – Mexico’s Grupo Mexicano shares dropped for the fourth straight day on Tuesday. Nearly a fifth (or so) of Grupo Mexicoico’s capital had been sold to 1 cent per share in a public offer as part its restructuring plan.

Grupo Aeromexico’s shares fell 27%, to 59cs, and has lost approximately half its value within the past four days.

Analysts believe that the trading of shares does not reflect a January creditor arrangement.

Brian Rodriguez, an analyst in stock markets at Monex, stated that they attribute recent movements to speculation since the share price would have been virtually zero.

Alinfra, an investment vehicle, purchased 133.2 millions shares of Alinfra at one cent per share through a tender offer that took place from February 15 to March 14.

After the restructuring, a subsequent share-exchange will reduce the current capital stock of the company to less that 0.01%.

Aeromexico filed for bankruptcy on June 20, 2020, following a decline in demand caused by the coronavirus pandemic.

The shares of the company were traded for around 15 pesos in each share as of January 2020.

One dollar is equal to 20.8227 Mexican Pesos