Government to replace Mexicana bankruptcy conciliator

Victoria
By Victoria August 3, 2012 21:25

Government to replace Mexicana bankruptcy conciliator

The Mexican government has asked a judge to replace the conciliator in Mexicana de Aviacion airline’s bankruptcy proceedings: “Practically two years since bankruptcy proceedings began, the company has not managed to restructure (its debt) nor has a viable scheme emerged to protect the (airline’s) assets,” the Communications and Transportation Secretariat said in a statement.
The conciliator, Gerardo Badin, is tasked with facilitating the signing of a creditors’ agreement that guarantees the bankrupt company’s future viability but as yet no such agreement has been reached despite the Med Atlantica group acquiring 95% of Mexicana in May.
The government claims that the lack of progress has caused harm to creditors and led to decline in the value of the company’s assets. The judge in Mexicana’s bankruptcy case, Felipe Consuelo Soto, will now need to order the IFECOM bankruptcy regulator to name a new conciliator for the airline.

Victoria
By Victoria August 3, 2012 21:25
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