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As such, Aimia does not expect the long-term profitability of the program to be affected significantly at this time. Consequently, taking into consideration that previous calculations show that the investment's recoverable value is significantly greater than its carrying amount, Aimia did not consider that the current pandemic nor Aeromexico's Chapter 11 proceedings would have eliminated that difference. This conclusion is based mainly on the following analysis and assumptions:
• PLM's carrying amount as of March 31, 2021 is $46.0 million, which is significantly lower than various valuation markers of that investment, including, but not limited to, previous independent appraisals, a previous unsolicited public offer to purchase the program which Aimia refused, as well as a 7 year option to purchase Aimia's 48.9% equity interest in PLM at a price of US$400 million for Aimia's equity interest or at an Adjusted EBITDA multiple of 7.5x, whichever is greater, plus Aimia's pro-rata share of cash held by PLM, net of any third party financial debt;
• While the airline is an important partner of the program, PLM is not an airline operator and does not have a similar fixed cost structure, nor is it solely dependent on Aeromexico to operate at pre-COVID-19 levels to generate positive earnings itself. For the year ended December 31, 2020, PLM reported net earnings of $30.2 million, including $26.1 million in the fourth quarter, and $5.2 million for the three months ended March 31, 2021 despite the operations slowdown since the beginning of the pandemic and the expected credit loss recorded in 2020 stated above (refer to Note 6);
• During the three months ended March 31, 2021, the PLM board of directors approved a distribution of US$16.1 million, of which Aimia received its share of $9.8 million (US$7.9 million);
• The current carrying value of PLM represents an implied multiple of 2.8x of 2020 earnings before net financial expense and income tax expense, which is significantly lower than the Adjusted EBITDA multiple stated in the option granted to Aeromexico and comparable company multiples;
• Various operating metrics of Aeromexico have been showing a month over month recovery during the second half of 2020. Q1 2021 operating metrics are also trending above 2020 post-pandemic levels;
• Aimia currently expects that the court supervised financial restructuring will provide the airline additional liquidity and the ability to cut costs during this unprecedented reduction in airline travel, and that Aeromexico