MEXICO CITY -- (Marketwire) -- 08/27/10 --
- Current management received the company in a state of technical bankruptcy seven days ago after it filed for protection under Mexico's insolvency laws
- Financial deterioration and lack of agreements force Grupo Mexicana to stop flying
- Grupo Mexicana deeply regrets any inconvenience caused to passengers
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:
1. 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.
2. No substantial agreements were reached to give companies in the Group
long-term viability.
3. 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.
4. 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.
If you have bookings or/and have paid for a Grupo Mexicana flight and have a reservation code, we would like to inform you that:
1. All Mexicana, MexicanaLink and MexicanaClick flights will be suspended
until further notice as of midday on Saturday, August 28, 2010. All
flights programmed to depart after this hour will be canceled.
2. Grupo Mexicana deeply regrets any inconvenience this decision may cause
and will continue to assist passengers to the full extent of its
abilities. Passengers who have already flown a leg of their journey and
who are scheduled to fly with a Grupo Mexicana airline after Saturday,
August 28, 2010 are advised to consult the websites or contact us at the
numbers listed below. Priority will be given to minors traveling
unaccompanied, passengers traveling with children under age 3 and
special needs passengers.
3. If you have not yet begun your journey, we recommend you make
alternative travel arrangements.
4. For information on how to apply for a refund, visit www.mexicana.com or
www.cmainforma.com or contact us at any of the numbers listed below:
Mexico City
5448-8634
5998-5998
Elsewhere in Mexico
01 800 837 6150
01 800 801 2010
United States and Canada
1 877 801 2010
1 888 882 9994
