The latest plan to put troubled airline Mexicana back in the skies has flopped after a tiny boutique investment firm interested in buying the company failed to inject the money needed to restart operations.
A business plan from relatively unknown PC Capital was chosen by a judge-appointed mediator in November as the best option to relaunch debt-ridden Mexicana. The pick was backed by Mexico’s communications and labor ministries.
Mexicana de Aviacion was one of Mexico’s two major airlines. It ceased operations in late August, swamped by its financial liabilities, grounding travelers in Mexico and abroad and leaving thousands of ground workers, pilots and flight attendants with no jobs. Its affiliated carriers, Link and Click, also stopped flying.