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Mexicana needs at least $100 mln to keep flying

12 August 2010

Debt-ridden airline Mexicana de Aviacion needs a cash injection of at least $100 million to keep flying, the company’s chief executive said on Tuesday.

Time is ticking for troubled Mexicana, which has ceased flying more than a dozen international routes and stopped selling tickets after requesting creditor protection last week under Mexico’s insolvency law, or concurso mercantil. The company has yet to be declared bankrupt.

Mexico’s air industry was hit hard in 2009 by a severe economic downturn in Mexico and an outbreak of the H1N1 flu that deterred travelers for months.

source: Reuters

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