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Mexicana's flights to Mexico and popular Cancun holidays rescued by a private consortium

  • 24-Aug-10 09:41
  • Mexicana
  • Holiday Industry

In a life-saving move to keep Mexicana de Aviacion flying, a consortium of Mexican businessmen

Mexicana's flights to Mexico and popular Cancun holidays rescued by a private consortium

Coming quick to the rescue of Mexicana and its set of flights connecting millions of worldwide passengers to Mexico and Cancun holidays, a consortium of Mexican businessmen has bought a 95% stake in the holding company that controls Mexicana, in a deal that is hoped will secure the fortunes of the troubled carrier and ensure it keeps flying many international travellers to and from Mexico holidays.

It was U.S. private equity group Advent International who arranged the acquisition for the consortium, which is called Tenedora K.

The consortium bought 95 % of Nuevo Grupo Aeronautico, which controls Mexicana as well as domestic airlines operating flights between Mexican cities and districts as well as popular resort and connecting holidays in Mexico City D.F. for example with Cancun holidays in Mexico's Caribbean Gulf. Mexicana Click and Mexicana Link, according to a statement released by Advent International.

Nevertheless, Advent itself has not invested in the deal.

Mexicana, one of the country’s two major airlines and the third longest-serving airline in the world, had cut more than a dozen international routes and stopped selling tickets after requesting creditor protection earlier this month under Mexico’s insolvency laws, thus putting many Mexico and Cancun holidays hopefuls.

“Tenedora K is a company formed by a group of Mexican businessmen as a vehicle to capitalise the mentioned airlines, with the aim of rescuing them from the critical financial and operating situation they are in,” the statement release stated.

The statement also revealed that Grupo Industrial Omega and Grupo Arizan are among the shareholders of Tenedora K.

On the other hand, Mexican hotel operator Grupo Posadas confirmed last Friday that it had sold its 30 % share of Nuevo Grupo Aeronautico to the new investors.

The statement also unveiled that the remaining 5 % state in the holding company is being held by the pilots union.

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