Nuevo Grupo Aeronáutico, S.A. de C.V. (“Grupo Mexicana”) (Mexico City) announced 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, Mexicana Click and Mexicana Link flights suspended all 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.
Compañía Mexicana de Aviación, S.A. de C.V., commonly known as Mexicana, was the first airline ever established in Mexico.
The company was established on July 12, 1921, by American residents in Mexico, L.A. Winship and Harry J. Lawson when the Compañía Mexicana de Transportación Aérea, S.A. (literally: “Mexican Company of Air Transport”), (CMTA) was awarded the Mexico City to Tampico route by the Mexican government. The purpose was to transport wages to the oil fields near Tampico, on the Gulf of Mexico. Mexicana’s first aircraft type was the Lincoln Standard, a two-seat biplane, starting operations with two airplanes of the type.
Copyright Photo: Manuel Delgado. Historic Photo: De Havilland Comet 4C XA-NAS (msn 6425) taxies past the camera at San Antonio.
