Mexicana suspends flights after rescue deal fails
01.09.10
Mexicana, which operated a route from Gatwick Airport, has suspended all flights three weeks after filing for bankruptcy protection because a last-ditch bid to revive it has ailed. Low-cost affiliate airlines MexicanaLink and MexicanaClick have also ceased operations. Mexico's transport minister Juan Molinar announced the winding up of operations in Mexico City yesterday.
The 89-year-old airline - one of world's oldest - has debts of about half a billion pounds. It was forced to file for bankruptcy protection after cost-cutting talks with trade unions ended in stalemate. Last week investor Tenedora K announced its intention to buy a majority shareholding in the company. But with 1000 cabin crew jobs at risk the government moved to block the purchase.
Mexicana suffered in recent years, with the global recession and record oil prices in 2008. However, the airline was devastated when the swine flu outbreak in Mexico last year caused a collapse of inbound and domestic tourism.
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