Mexican bank denies reports about capitalisation of Mexicana debt

This story is sourced from Pro
See more Pro news »

The Mexican Bancomext bank, which owns nine currently grounded Mexicana Airbus A320 aircraft, has denied reports that it would be willing to swap Mexicana's debt for a shareholding in the bankrupt Oneworld carrier.

The Mexican El Universal daily reported that Bancomext would be willing to give up certain debt claims in exchange for a shareholding, citing bankruptcy judge Felipe Consuelo.

But a Bancomext spokesman says: "We have no plans to become shareholders of the airline. As a matter of fact, we could sell the aircraft unless we get paid soon." Mexicana owes Bancomext 783 million pesos ($62 million).

The Mexican bankruptcy court, which is dealing with the Mexicana case, authorised Med Atlantica last month to acquire the airline from its current owner, Tenedora K. However, the transaction has not been completed.

Before getting its air operator's certificate reinstated, Mexicana also needs to prove to the Secretary of Communications and Transport that it is financially stable and have a court approved plan to leave bankruptcy.