Mexicana Airlines Purchased by Mexican Business Consortium

A consortium of Mexican businessmen called Tenedora K has purchased 95 percent of Mexicana Airlines’ holding company in the hopes that they can save the struggling carrier. The consortium bought 95 percent of Nuevo Grupo Aeronautico as well as domestic airlines Mexicana Click and Mexicana Link.

Tenedora K shareholders include Grupo Industrial Omega and Grupo Arizan. The pilots’ union holds another 5 percent, according to press reports. Mexicana filed for bankruptcy in New York and Mexico at the beginning of the month.

Mexicana suspended service on several international and some domestic flights last week. The carrier, Mexico’s biggest in terms of passenger numbers, is facing mounting difficulties as service providers balk on fueling planes or dispute contracts.

IATA suspended the carrier’s BSP sales channel, forcing it to suspend the sale and issuing of tickets indefinitely. Other sources of revenue have either dried up or are being retained by financial institutions following the company’s recent decision to file bankruptcy proceedings.