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Latin America Investment News on Viva Tropical

Mexicana Airlines Bought by Atlantic Med Group, Airline Hopes to Emerge from Bankrupcy

Article Summary:

The Atlantic Med group deposited $ 300 million to purchase Mexicana Airlines, enabling the airline to emerge from bankruptcy. Flights could begin as early as March 2012.

Photo Credit: El Universal

Original Article Text From El Universal via Google Translate :

Give new hope to Mexican

The group Med Atlantic and deposited 300 million dollars (mdd) labeled in a Mexican bank to purchase Mexicana Airlines , said the judge Felipe Consuelo Soto , president of insolvency.

Surprisingly, the judge announced yesterday morning, meeting with Spanish Christian Chains , representative of Med Atlantic, tourism entrepreneur and shareholder of the hotel chain Blue Bay , who says the magistrate and make plans for the airline flight to restart the early to mid March, however it should be remembered that this group had failed last November, by not submitting the necessary resources for the rescue.

The judge refused to disclose the name of the financial institution where the deposit was made but insisted that Med Atlantic meets the demands of the struggle, as he demonstrated the existence of money and willingness to restructure the airline, so is unlikely that an extension of the extension of bankruptcy whose term expires conciliation on 10 February.

On October 19, 2011 Parent Company K completed the transfer of shares in Mexicana, in trust for Bank CI as part of negotiations that the company Gastellum Jorge , owner of New Air Group , carried out since then with Christian Chains .

The magistrate found that there is still no date for the next meeting with the Ministry of Communications and Transport (SCT), headed Dionisio Perez-Jacome , but has asked to receive next Thursday to investors.

Later, the owner of the SCT denied having received any request from the judge and said he is waiting to notify the group’s interest.

For now, he said, “we hope and expect that this time comes a company that has the resources and to demonstrate that the capitalization of Mexican achieved” and said that the SCT advanced to be prepared in case it gets Mexican viable for an investor.

Link to Original Article:

From El Universal

Latin America Investment News on Viva Tropical