Alexa
  • Directory of Taiwan

Mexican group buys ailing Mexican airline

Mexican group buys ailing Mexican airline

A consortium of Mexican investors have acquired 95 percent of Mexicana de Aviacion airline, which earlier this month filed for bankruptcy protection, the investors group said Saturday.
The Tenedora K group was formed "to capitalize" and "save" Nuevo Grupo Aeronautico, the holding company that controls Mexicana de Aviacion and two domestic airlines, Mexicana Click and Mexicana Link, it said in a statement.
But it said the acquisition was only the first step of a process to recapitalize the ailing airline and bring it out of court-supervised bankruptcy protection.
The group did not say how much it paid for the airline, but the holding company's principal shareholder, the Mexican hotel group Posadas, said Friday that it had sold its 30.4 percent stake for "a symbolic" amount.
Tenedora K's participants include the Omega group, a construction company, and Arizan, an insurance company. Earlier this month, Mexicana de Aviacion obtained bankruptcy protection against its creditors from a Mexican judge.
Mexicana Click and Mexicana Link were exempt from the arrangement, and Mexicana de Aviacion only a suspended some flights to London, Madrid and Montreal.
With 220 flights carrying 22,000 passengers a day, Mexicana de Aviacion is the country's largest international airline and its number two domestic carrier after Aeromexico.


Updated : 2021-12-08 14:29 GMT+08:00