The WSJ and other people are reporting this! I wrote up some information about it:

After suspending all flights and operations in August of 2010 it looks like Mexicana is going to try to fly again in April! Mexicana was Mexico's largest airline when it came to international passengers traveling to and from Mexico, but hit a few bumps and declared bankruptcy in 2010. Since August, a number of investors have been interested in revitalizing Mexicana but up until now have not had any luck! Even in 2010 there were rumors that rescue bids were underway and Mexicana would fly again, however up until now, Mexicana has remained grounded

However just recently a bankruptcy judge gave Med Atlantica, a privately head company led by a Spanish Businessman the okay to invest $300 million into the failed airline. The new Airline is going to be MUCH smaller then the former Mexicana and will resume flights with just a mere 7 aircrafts! Mexicana Vice President Adolfo Castro stated that he hopes to grow the company from 7 planes to 44 by the end of 2012! This is a huge goal, but maybe doable do to the size and name of the former Mexicana.

Mexicana has been very busy in the last 18 months getting ready for the relaunch of their airline. Already contracts negotiations have been reached with pilots, flight attendants, ground crew and all other former airline employees, which even includes compensation for lay-offs. Supposedly these had been reached months ago, and Mexicana has been ready to start flying again for over a year now.


The next step for Mexicana is to receive authorization to fly again from Mexico's Aeronautical authorities, along with the authorities from any country in which it wants to fly to again. Once Mexicana receives this, the airline will be able to fly again and will be able to recover many of the highly coveted landing slots that were temporary ceded to other airlines.

The recovery of Mexicana is good news for some, but a blow to many airlines in Mexico who have been able to grow their presence in highly competitive markets, such as Mexico city. LCC have expanded in a number of markets that were once dominated by Mexicana, and now these airlines face loosing their landing rights as Mexicana recovers. Although all airlines knew this when starting operations using the temporary rights, I think many airlines and industry analysts did not expect Mexicana to recover. US airlines also quickly filled Mexicana departure with airlines such as Alaska adding flights to Mexico city and Guadalajara from LAX, SJO, and SAC, and Delta adding a number of flights to Cancun and Mexico City.

Currently Mexicana is still a member of Oneworld Alliance, however there are rumors on the web that Mexicana will be exiting this alliance. Although the lose of a Central American Airline would be a blow to the alliance, this wouldn't hurt the alliance any more then it already is in Central America, for there hasn't' been a dominate partner there since Mexicana's bankruptcy and grounding in 2010.

see blog entry here (same info) with pics including the mexicana graveyard