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Mexico City, August 27, 2010. Nuevo Grupo Aeronáutico, S.A. de C.V. (“Grupo Mexicana”) announced this morning that as a result of the group’s delicate financial situation when it changed owners a week ago, compounded by failure to reach agreements that would allow for the capitalization of its three airlines, Mexicana Airlines, MexicanaClick and MexicanaLink flights will suspend operations until further notice as of midday (12:00 p.m.) on Saturday, August 28, 2010.
Among the factors that have contributed to this announcement are:
Grupo Mexicana’s fragile financial situation, which has deteriorated further over the last four weeks due to the previous management’s decision to suspend ticket sales, forcing the company to continue operating in the interests of passengers without receiving any revenue.
No substantial agreements were reached to give companies in the Group long-term viability.
Lack of effectiveness in the insolvency (Concurso Mercantil) process intended to protect additional financial resources available to the company so it could to continue operating.
Given the uncertainty of the situation, certain suppliers have begun demanding advanced payment of services that are essential to the airlines’ operations.
Today’s decision is a painful one for the 8,000-strong Grupo Mexicana family, but we will continue seeking out ways of securing the company’s long-term financial viability, so our passengers can once again enjoy the quality services they are accustomed to. We hope to be back in the air soon and would like to thank everyone involved in this process for their support and understanding.
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