(Bloomberg) February 19, 2011 – PC Capital SAPI, a Mexican private- equity firm, said it reached an agreement to acquire the holding company of Compania Mexicana de Aviacion, bringing the bankrupt airline closer to a return to the skies.
Investor group Tenedora K, which bought holding company Nuevo Grupo Aeronautico in August, will transfer its shares to PC Capital before a notary public Feb. 21, PC Capital said in an e-mailed statement late yesterday. Nuevo Grupo Aeronautico owns Mexicana, its Click and Link subsidiaries and maintenance provider MRO Services. PC Capital didn’t disclose the terms of the deal in its statement.
“This is an important step in the process of restarting the operations of Mexicana de Aviacion,” the statement said.
Mexicana’s Cia. Mexicana de Aviacion unit filed for bankruptcy protection in Mexico in August, sought Chapter 15 protection in the U.S., and shut its operations. The Chapter 15 petition in New York listed more than $500 million in assets and $1 billion in debt.
In order for Mexicana to return to the skies, it will seek government regulatory approval, an injection of capital from new investors, the payoff of former employees and reopening of ticket sales, the statement said.
Before its bankruptcy, Mexicana was the nation’s largest carrier and flew to more than 65 national and international destinations, including the U.S., Canada, Europe and South America. In 2009, it transported 6.86 million passengers, while its Click and Link subsidiaries carried an additional 4.25 million.
By Jens Erik Gould