Photo: Mexicana airlines
The four creditors of the MRO maintenance company, a unit of Mexico’s debt-ridden Mexicana group of airlines, have proposed creating a trust to support retirees and workers linked to the different companies currently in bankruptcy proceedings.
This measure “will directly benefit not only the 1,200 workers at the (MRO) maintenance base,” but also some 8,500 retired and former employees of the companies” that make up the group, one of the creditors, the Mexico City International Airport, or AICM, said in a statement Thursday.
The trust, it added, would receive “the rights over the loans” owed by MRO, which is “a strategic installation for national aviation” and “the most important asset of Mexicana de Aviacion,” formerly the country’s largest carrier.
The creditors - banks Banorte and Bancomext; Grupo Aeroportuario del Pacifico, through the Guadalajara airport; and AICM, which collectively hold 92 percent of MRO’s loans - made the proposal Tuesday to the judge in Mexicana’s bankruptcy proceedings, Edith Encarnacion Alarcon.
The former workers and retirees belong to airlines Mexicana de Aviacion, Aerovias Caribe S.A. (Click) and Mexicana Inter and currently are not receiving “any type of compensation,” the statement said.
Mexicana de Aviacion and sister budget carriers Click and Link grounded their operations in August 2010 after nearly nine decades in business and filed for bankruptcy protection shortly thereafter to restructure a debt load of more than $800 million.
The airline group, which was acquired last year by Spanish hotel and air-transport group Med Atlantica, has yet to resume domestic or international flights, leaving some 8,500 workers in limbo.