| Troubled Mexican airline saved by consortium |
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A group of investors have bought a majority stake in troubled airline Mexicana de Aviación’s parent company, saving the carrier from potential closure. Mexican consortium Tendora K, which includes Grupo Industrial Omega and Grupo Arizan, bought a 95% stake in the airline’s parent firm, Nuevo Grupo Aeronautico, for an undisclosed sum, with Mexico’s pilots’ union holding the remaining 5%. Mexicana is the country’s biggest passenger airline and is part-owner of Aeromexpress, an air cargo joint-venture with Aeromexico. On 3 August, the carrier filed for bankruptcy protection from creditors in Mexico and in the US under Chapter 15, which stops US creditors from seizing assets and cancelling contracts. Tendora K said the purchase was “the first step to establish the conditions that will eventually allow for a process of restructuring that will require coming to financial, operative and labour agreements”. Mexicana CEO Manuel Borja Chico left the company on 20 August and his successor is set to be named this week. On 4 August, the airline suspended ticket sales, although it still allowed sales through domestic subsidiaries MexicnaClick and MexicanaLink. It was announced that the pilots’ union was negotiating to buy a stake in the airline on 10 August. Private equity firm Advent International helped put the deal together, but is not participating in the purchase. Source: IFW, August 24, 2010 |
