MEXICANA TO RESTART WITH SEVEN AIRCRAFT ON ELEVEN ROUTES

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By TESTCustomwebLP TESTCustomwebLP January 25, 2011 15:06

MEXICANA TO RESTART WITH SEVEN AIRCRAFT ON ELEVEN ROUTES

Airline Mexicana de Aviacion confirmed yesterday that it has made significant progress in its debt restructuring negotiations, and expects to resume flights “soon” with seven aircraft on 11 routes. Mexican, which was grounded last August amid bankruptcy proceedings, said in a press release that it expects to be operating 40 aircraft and more than 40 routes in the second half of 2011.

The company said it has reached agreements with enough creditors to carry out its restructuring, and that it should start selling tickets in coming days. Passengers who held tickets before the carrier’s grounding will be able to redeem them under a mechanism to be announced.

Mexicana plans to restart with services to Los Angeles, Chicago, San Antonio, and Havana, Cuba, and domestic flights to Guadalajara, Monterrey, Cancun, Oaxaca, Tuxtla Gutierrez and Veracruz. The company said it has 39 pilots, 80 flight attendants, and 846 maintenance technicians ready to begin operations.

Mexican authorities last year approved a restructuring plan for Mexicana presented by PC Capital, a local private equity firm. The airline has reached agreements with labor unions representing pilots, flight attendants, and ground staff, and said Monday that PC Capital has put together a group of investors to capitalize the airline, whose identities will be revealed once audits have been carried out and the restructuring formalized. PC Capital has also reached an agreement to acquire the shares of Mexicana holding company Nuevo Grupo Aeronautico from an investment group called Tenedora K, which took over the company last year but was unable to secure agreements to restructure it.

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By TESTCustomwebLP TESTCustomwebLP January 25, 2011 15:06
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