Airport News
Consortium buys failing Mexican airline
Mon, 23 Aug, 2010
A group of investors from Mexico have obtained 95 per cent of carrier Mexicana de Avicaion, which had filed for bankruptcy protection earlier in the month.
Nuevo Grupo Aeronautico, the holding company for the airline, was bought out by investors the Tenedora K group with the aim of capitalising and ultimately rescuing the ailing carrier.
According to the consortium, acquiring the airline is only the first step in an ongoing process to bring it out from its court-supervised bankruptcy protection, obtained from Mexican courts earlier in the month.
The Tenedora K group is made up of a wide variety of investors, including an insurance company and construction firm. Their control of the holding company brings two other domestic airlines into the fold, as well as Mexicana de Avaicion, the country's largest carrier.
News of the investment follows an announcement from earlier in the month which saw Brazil's LAN airline and Chile's TAM reveal their intentions to merge.
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