New investors show interest in Mexicana

Madrid
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The Mexican Secretary of Labor, Javier Lozano, has confirmed that three potential investors have lined up to acquire bankrupt and grounded Oneworld carrier Mexicana.

Lozano said in a local radio interview on Tuesday that he could not reveal the identity of the newest candidate, although he said that it is a "highly regarded investment bank, which has already developed a restructuring plan [for Mexicana]".

This plan, similar to other rescue plans presented by previous candidates to acquire the remainder of Mexicana, calls for "operating a reduced network within Mexico and to Central America as well as the USA", with a down-sized fleet and fewer employees.

Last week, the Union of Mexican Transport and Aviation workers (SNTTTASS) presented BMC Financial Investment Consultants as a new candidate to buy Mexicana, and also unveiled another bidder, TG Group. However, the union's secretary general, Miguel Angel Yudico, called TG Group's offer "incomplete", suggesting that it would not receive support from the Mexicana employees unless it presented a long term business plan.

Little is known about BMC except that it is a group of Mexican investors claiming to be backed by an investment fund.

A Mexicana union source consulted by ATI last week says that "Mexicana cannot wait any longer as its assets lose value every day".

Despite growing doubts about the viability of a Mexicana relaunch, investors keep presenting offers, although the union source warns the he observes "a tendency of building the investment plan exclusively on capitalising employee debts", which is "only one element of a negotiation process". The union's source stresses that Mexicana needs "fresh money".

Mexicana, one of Latin America's oldest airlines, entered bankruptcy in August and stopped all operations on 28 August.