MEXICO CITY, April 4 Mexicana airlines, which
suspended flights four years ago due to its heavy debt load, was
declared bankrupt on Friday, paving the way to dismantle the
iconic company, once one of Mexico's top two carriers.
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, development bank Bancomext and
Mexico's International Airport.
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)