Mexicana rescued by private consortium

Mexicana rescued by private consortium

A consortium of Mexican businessmen has bought a 95 percent stake in the holding company that controls Mexicana, in a deal that is hoped will secure the fortunes of the troubled carrier.

US private equity group Advent International arranged the acquisition for the consortium, which is called Tenedora K.

The consortium bought 95 percent of Nuevo Grupo Aeronautico, which controls Mexicana as well as domestic airlines Mexicana Click and Mexicana Link, according to a statement from Advent International.

However 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, has cut more than a dozen international routes and stopped selling tickets after requesting creditor protection earlier this month under Mexico’s insolvency laws.

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

Grupo Industrial Omega and Grupo Arizan are among the shareholders of Tenedora K, the statement said.

Mexican hotel operator Grupo Posadas confirmed last Friday that it had sold its 30 percent share of Nuevo Grupo Aeronautico.

The remaining 5 percent state in the holding company is held by the pilots union, the statement said.