(Dive Travel Business News - August 5, 2010) -- Mexicana Airlines filed for bankruptcy protection in Mexico and the U.S. earlier this week. The airline reported $1.2 billion in liabilities as of June 30, and $768.5 million in assets. Creditors have seized three of Mexicana's planes. The company owns nine of the 64 aircraft in its fleet. During its restructuring, Mexicana intends to cut staff pay and benefits.
Mexicana suspended ticket sales on Wednesday August 4. The airline said it will "continue to operate its flights as scheduled to protect its passengers."
"Clearly, they’re not going to be operating very long without selling tickets," said analyst Bob Mann of aviation consultancy RW Mann. "The actions they’ve taken are actually quite drastic and I’m not sure they’ve made it any better, only more urgent. Current bookings won’t be enough to keep it flying very long." read more »
