Mexicana Airlines (MX), which suspended operations under severe financial distress in August 2010, may relaunch operations June 9 after Spanish hotel and air transport group Med Atlantica acquired 95% of the bankrupt carrier’s shares.
Federal judge Felipe Consuelo accepted and approved the deal, based on Med Atlantica’s ability to take over the airline from major shareholder Tenedora K business group, according to Mexican press. The company had 95% shares in holding company Nuevo Grupo Aeronáutico, which also owned subsidiaries Mexicana Click and Mexicana Link. The Mexican Airline Pilots Union (ASPA) owned the remaining 5%, which also have been purchased by the Spanish group.
CEO Christian Cadenas told the press that part of the share payment is due immediately and final payment is due within 14 years. The share sale is only part of the process, however, as Med Atlantica must now negotiate debt payments to creditors and the 8,600 employees who have not received wages since Aug. 2, 2010.
ASPA said that 280 pilots are being trained on simulators and in MX’s parked aircraft as the carrier gears up to restart operations with nine aircraft next month. However, the airline must get an air operators certificate from the director general of civil aviation before returning to the air, as well as slots frozen in 2010.
Med Atlantica, which owns the Blue Bay hotel chain, with 18 units in 13 countries, including Mexico, also has a major stake in Air Transat, Canada’s leading charter carrier.
Article Source : ATW Daily News
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