Mexicana reveals revival plan, hopes to resume operations in December
By Aaron Karp | November 12, 2010
Mexicana Airlines, which ceased operations in August under severe financial distress, said the Mexican firm Capital PC has agreed to invest more than $150 million to allow the carrier to restart operations next month.
It said tentative approval of the restructuring plan has been given by relevant Mexican authorities, but its labor unions and creditors must still approve the deal. The company filed for creditors protection in both Mexico and the US in August, and had planned to continue operating while it restructured, but was unable to meet basic fiscal obligations or reach concessionary agreements with its workers(ATW Daily News, Aug. 30).
"The business plan proposed by PC Capital has as its objective to begin operations in mid-December of this year and projects ordered growth and, above all, sustainability," MX said in a statement. It added that former Aeromexico CEO Arturo Barahona Oyervides will oversee the restructuring effort.
Dow Jones reported that MX plans to return to the skies operating around 30 Airbus A320 family aircraft, which would be less than half the size of its mainline fleet at the end of 2009 which included 57 A320 family aircraft as well as other types. Subsidiaries Link and Click reportedly would remain grounded.
ATWOnline.com
By Aaron Karp | November 12, 2010
Mexicana Airlines, which ceased operations in August under severe financial distress, said the Mexican firm Capital PC has agreed to invest more than $150 million to allow the carrier to restart operations next month.
It said tentative approval of the restructuring plan has been given by relevant Mexican authorities, but its labor unions and creditors must still approve the deal. The company filed for creditors protection in both Mexico and the US in August, and had planned to continue operating while it restructured, but was unable to meet basic fiscal obligations or reach concessionary agreements with its workers(ATW Daily News, Aug. 30).
"The business plan proposed by PC Capital has as its objective to begin operations in mid-December of this year and projects ordered growth and, above all, sustainability," MX said in a statement. It added that former Aeromexico CEO Arturo Barahona Oyervides will oversee the restructuring effort.
Dow Jones reported that MX plans to return to the skies operating around 30 Airbus A320 family aircraft, which would be less than half the size of its mainline fleet at the end of 2009 which included 57 A320 family aircraft as well as other types. Subsidiaries Link and Click reportedly would remain grounded.
ATWOnline.com
