Mexicana has been forced immediately to withdraw several services on its network after the airline's dire financial situation worsened, IATA having suspended the carrier's billing and settlement channel.
The Oneworld alliance carrier is cutting long-haul flights from Mexico City to Madrid and London Gatwick, as well as services to Sao Paulo, Buenos Aires, Caracas, Bogota and Montreal.
Mexicana says its financial position has "deteriorated substantially" but adds that, despite the "gravity" of its situation, it will "make a concerted effort to continue operating".
"Passengers already booked on flights will be the airline's priority over the coming days," it adds.
Over the past few days Mexicana's cash-flow has been crippled, the suspension of its IATA sales channel forcing it to stop issuing tickets until further notice.
The airline says this has "strangled" its income and had "serious repercussions" for sales at its regional MexicanaLink and MexicanaClick operations.
"Other sources of revenue have either dried up or are being retained by financial institutions following the company's recent decision to file bankruptcy proceedings," it adds.
Mexicana is being forced to cancel a number of flights in order to "optimise available resources", it says.
"Although flights will be reduced to a minimum over coming days, the airline and its employees are determined to make an effort to continue operating out of concern for passengers," it adds.
"It is hoped an agreement will be reached with union leaders and that additional resources can be obtained to secure the financial viability of the carrier."