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Mexican consortium attempting Mexicana rescue
By Aaron Karp | August 24, 2010
A Mexican consortium called Tenedora K announced it has acquired 95% of troubled Mexicana Airlines' holding company and will take over the airline as well as subsidiaries MexicanaClick and MexicanaLink.
The carrier's pilots will own the remaining 5% of the holding company, Nuevo Grupo Aeronautico. Financial details of the transaction were not disclosed; more information is expected to be released Aug. 25, Fernando Perfecto, secretary general of MX's pilots’ union, told Bloomberg. He added that MX CEO Manuel Borja has stepped down. The airline is not commenting.
Borja had said MX, which is operating under creditors protection in both Mexico and the US, was "looking for" a capital injection of "between $100 million and $150 million" (ATW Daily News, Aug. 19).
"Tenedora K is a company formed by a group of Mexican businessmen as a vehicle to capitalize [MX, Click and Link], with the aim of rescuing them from the critical financial and operating situation they are in," according to a widely cited statement released by the consortium in Mexico. "Tenedora K stresses this is the first step to establish conditions that could eventually allow for a restructuring process to begin, which would require agreements on labor, operation and financial issues. Without these, it will not be possible to rescue the airlines."
Hotel operator Grupo Posadas has sold its interest in the airline, it said.
23 Aug21:04
We have flown MX airlines
By John Slowik
We have flown MX airlines before and in fact have tickets to fly to PV for holiday this coming Oct / Nov.
As long time vacationeers to Mexico's beautiful resorts, I cannot imagine Mexico being reduced to 1 major airline.
Mexicana airlines must survive and thrive! There are hundreds of loyal customers (like me) pulling for success! If Mexicana is allowed to not succeed, we would pull out OF OUR CURRENT TRIP and probably never visit Mexico again (sadly).
For if a combination of Mexican business and gov't leaders don't care enough to save this Mexican institution (along with 8,000 jobs); than why should I continue to bring my hard earned vacation dollars to Mexico & spend my vacations in a country - that's seemingly going backwards in time.
Sign me,
Hopeful in LA
reply
23 Aug23:20
To John.........there ARE
By reece
To John.........there ARE other airlines that can get You to Mexico. Why so dramatic? Could it be your Los Angeles base? Such silliness that amounts to 'nothing'.
reply
24 Aug00:39
To Mr Sliwik. in many
By ateo1
To Mr Sliwik.
in many occasions the goberment rescue the airlines , until now they realize that it is imposible to keep using taxpayer money to run the airline. many airlines in mexico have been desapeard, and the goberment dont care about it, why they do care about mexicana air?. let the airlines who have money to operate, if they run out of money then shut the doors. i personaly tell tou this because i am a mexicana ex employee and i remember bonus for everything, pilots start making money since the step out of their house door, on time bonus, fuel save bonus, dreesing good bonus, not calling in sick bonus,time performance bonus,and you name it.this is one of the reasons the airline is always on financial trouble. once again good luck.
reply
24 Aug03:00
Mexicana needs a new
By anonymous
Mexicana needs a new management team that plans an organic expansion.
Under the lead of the CEO who has just stepped down, the expansion was a complete mess.
Expansion must be pursued with profitability not just for the sake of expansion.
Profit is paramount!
http://www.airwaysaviationnews.com/2010/08/23/mexicana-financial-troubles/
Mexican consortium attempting Mexicana rescue
By Aaron Karp | August 24, 2010
A Mexican consortium called Tenedora K announced it has acquired 95% of troubled Mexicana Airlines' holding company and will take over the airline as well as subsidiaries MexicanaClick and MexicanaLink.
The carrier's pilots will own the remaining 5% of the holding company, Nuevo Grupo Aeronautico. Financial details of the transaction were not disclosed; more information is expected to be released Aug. 25, Fernando Perfecto, secretary general of MX's pilots’ union, told Bloomberg. He added that MX CEO Manuel Borja has stepped down. The airline is not commenting.
Borja had said MX, which is operating under creditors protection in both Mexico and the US, was "looking for" a capital injection of "between $100 million and $150 million" (ATW Daily News, Aug. 19).
"Tenedora K is a company formed by a group of Mexican businessmen as a vehicle to capitalize [MX, Click and Link], with the aim of rescuing them from the critical financial and operating situation they are in," according to a widely cited statement released by the consortium in Mexico. "Tenedora K stresses this is the first step to establish conditions that could eventually allow for a restructuring process to begin, which would require agreements on labor, operation and financial issues. Without these, it will not be possible to rescue the airlines."
Hotel operator Grupo Posadas has sold its interest in the airline, it said.
23 Aug21:04
We have flown MX airlines
By John Slowik
We have flown MX airlines before and in fact have tickets to fly to PV for holiday this coming Oct / Nov.
As long time vacationeers to Mexico's beautiful resorts, I cannot imagine Mexico being reduced to 1 major airline.
Mexicana airlines must survive and thrive! There are hundreds of loyal customers (like me) pulling for success! If Mexicana is allowed to not succeed, we would pull out OF OUR CURRENT TRIP and probably never visit Mexico again (sadly).
For if a combination of Mexican business and gov't leaders don't care enough to save this Mexican institution (along with 8,000 jobs); than why should I continue to bring my hard earned vacation dollars to Mexico & spend my vacations in a country - that's seemingly going backwards in time.
Sign me,
Hopeful in LA
reply
23 Aug23:20
To John.........there ARE
By reece
To John.........there ARE other airlines that can get You to Mexico. Why so dramatic? Could it be your Los Angeles base? Such silliness that amounts to 'nothing'.
reply
24 Aug00:39
To Mr Sliwik. in many
By ateo1
To Mr Sliwik.
in many occasions the goberment rescue the airlines , until now they realize that it is imposible to keep using taxpayer money to run the airline. many airlines in mexico have been desapeard, and the goberment dont care about it, why they do care about mexicana air?. let the airlines who have money to operate, if they run out of money then shut the doors. i personaly tell tou this because i am a mexicana ex employee and i remember bonus for everything, pilots start making money since the step out of their house door, on time bonus, fuel save bonus, dreesing good bonus, not calling in sick bonus,time performance bonus,and you name it.this is one of the reasons the airline is always on financial trouble. once again good luck.
reply
24 Aug03:00
Mexicana needs a new
By anonymous
Mexicana needs a new management team that plans an organic expansion.
Under the lead of the CEO who has just stepped down, the expansion was a complete mess.
Expansion must be pursued with profitability not just for the sake of expansion.
Profit is paramount!
http://www.airwaysaviationnews.com/2010/08/23/mexicana-financial-troubles/
