About 30 investors sought for more than three
years to rescue the airline, which has an estimated debt of $1
billion, but none proved to have the necessary funds.
On Friday the communications and work ministries said in a the
courts had approved an agreement to proceed with the bankruptcy
presented by Mexicana's majority creditors: Mexican bank Banorte
<GFNORTEO.MX>, development bank Bancomext and Mexico's
The statement revealed no details of the agreement among
creditors of Mexicana, which stopped flying 90 years after it
Mexicana's MRO maintenance base, valued at between $80 million
and $100 million, will continue operating. Resources it obtains
will go toward a trust that benefits Mexicana's 8,000 workers
and 600 retirees.
Mexicana's three major unions are considering a challenge to the
declaration of bankruptcy, local media reported.
(Reporting by Veronica Gomez; editing by Dan Grebler)
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