Mexicana's Hopes Fade
 The News
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October 19, 2010
Mexicana doubtful to fly in December due to lack of investors.
Mexico City – The Communications and Transportation Secretariat (SCT) said Monday that it would be difficult for Mexicana de Aviación (Mexicana) to begin operating in December, 2010. The SCT Under-Secretary, Humberto Treviño, said that the lack of agreements with investors to recapitalize the airline, which Mexicana should have reached in early October, is the reason for this situation.
“Let’s say Mexicana’s situation is unfavorable in December. We can’t hide that. However, we are running out of time, as we only have this week to solve the problem. It seems unlikely we will be able to allow Mexicana start selling plane tickets in November, to begin operating in December,” Treviño said.
In an interview after an event to inaugurate the Public Survey for the Creation of a New Aeronautics Policy, Treviño said that the parties involved are in search of other alternatives and different investors. He added that they will also make a proposal to the unions to use the compensation and retirement payment money as capital to allow Mexicana restart operations.
“If we were able to use this money, we would cover most Mexicana costs. This means that workers would recover their money once Mexicana gets ahead,” Treviño said.
This solution, Treviño said, implies that severance payments, compensation and retirement payments would be delayed, but if Mexicana declares bankruptcy, workers would only receive a partial payment, “as Mexicana does not have the resources to pay 100 percent of the total amount.” |
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