Grupo Aeromexico SAB holders will be offered one Mexican cent per share ahead of the company’s exit from Chapter 11 restructuring proceedings. The stock fell as much as 76% amid multiple trading halts.

An unidentified third party will begin a voluntary tender offer to give existing shareholders the option to withdraw from the capital stock before new contributions to pay for exiting Chapter 11 “substantially dilute the current shares,” according to a statement from the airline. The company behind the offer will begin proceedings to get approval from Mexican regulators.

The carrier’s largest shareholder, Delta Air Lines Inc., won’t participate in the offer, according to the statement. That means as much as 49% of the stock before dilution could be acquired, which will represent less than 0.01% of total shares after the restructuring plan takes effect, according to the statement. The offer will be paid for with funds from the bidder, in coordination with Aeromexico.

The airline earlier this month won court permission to send its reorganization plan to creditors for a vote, a key step before it seeks final court approval to exit bankruptcy. A confirmation hearing has been set for Jan. 18. 

Once the airline emerges from bankruptcy protection, a group of strategic Mexican shareholders will own 4.1% of the company. Apollo Global Management Inc., which led the debtor-in-possession financing, will retain a 22.38% stake while Delta will have 20%. The remaining shares will be distributed among new investors and creditors.