Mexicana bought by consortium and union
Saturday, 23 Aug, 2010
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Troubled airline Mexicana has been bought by a Mexican consortium and its pilots’ union.
Tenedora K, a newly-formed group of business people, has bought a 95% stake in Nuevo Grupo Aeronautico which controls Mexicana as well as its profit making domestic airlines Click and Link.
The pilots’ union holds the remaining five per cent of the company.
Mexican hotel operator Grupo Posadas sold its 30% stake in Nuevo Grupo Aeronautico on Friday and the new deal was struck on Saturday.
Oneworld member Mexicana, which carried over 11 million passengers last year, filed for protection from creditors in both Mexico and the US on August 3.
It has since dropped flights on dozens of routes including suspending its Mexico City–Gatwick service from August 15.
Its domestic services on Mexicana Click and Mexicana Link has been operating normally.
Mexicana’s troubles have been compounded by the swine flu crisis and recession
and it has lost US $350 million since 2007.
In its bankruptcy petition it listed debt of more than $1 billion.
by Debbie Ward
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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