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Union: Mexicana Talking with Investor groups

Mexicana urgently seeks buyer, in talks with 3 investors

Aug 09, 2010

Mexicana de Aviacion, the debt-laden Mexican airline teetering on the brink of bankruptcy, is in talks with three investor groups as it urgently seeks a buyer, a union official said on Monday.

"There are three important national groups" that are eyeing Mexicana, Lizette Clavel, head of the flight attendants union told Radio Formula.

Mexicana's financial situation deteriorated rapidly after filing for creditor protection in Mexico and the United States last week.

The cash-strapped company has stopped selling tickets and on Sunday said it was suspending 15 international routes, including Madrid and Sao Paulo.

The company has a debt of around 10 billion pesos ($796 million) and only owns nine of its 64 airplanes.

Leasing companies have already issued termination notices to the Mexican company and at least three of its planes have been grounded.

Mexicana urgently seeks buyer, in talks with 3 investors
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