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Old Aug 3, 10, 8:14 am   #1
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Mexicana files for bankruptcy - info & advice [merged]

This news just in:
http://www.nasdaq.com/aspx/stock-mar...nkruptcy-in-us
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Old Aug 3, 10, 12:13 pm   #2
  
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Geez, no wonder we couldn't call them. All three phone numbers at that.
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Old Aug 3, 10, 2:53 pm   #3
  
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I had a connecting flight on them through American next week. They rebooked me on a non-stop before I even realized why.
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Old Aug 3, 10, 5:51 pm   #4
  
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I think this is like US bankruptcy, ie it is more a restructuring process, the company continues to fly, and the bankruptcy just stops the secured creditors from reclaiming the assets (inc leased aircraft)
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Old Aug 3, 10, 7:19 pm   #5
  
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I thought they were a pretty stable company...
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Old Aug 4, 10, 4:06 am   #6
  
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More information here:

http://cmainforma.com/cma-informs/

http://cmainforma.com/updates/2010/8...-mexicana.html
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Old Aug 4, 10, 4:28 am   #7
  
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Quote:
Originally Posted by moa999 View Post
I think this is like US bankruptcy, ie it is more a restructuring process, the company continues to fly, and the bankruptcy just stops the secured creditors from reclaiming the assets (inc leased aircraft)
That's essentially the idea behind bankruptcy protection. They'll hold them off
until either: a) they eventually make it through somehow, or b) they give up.

For now, Mexicana will still fly and honor whatever they can.
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Old Aug 4, 10, 7:53 am   #8
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Hope they do. No MX flights to and from LGW and MAD loaded from Sep 1 onwards, although agent assured me yesterday my Sep 15 LGW-MEX is "confirmed". I hope and expect to be transferred to another OW carrier, pref BA.
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Old Aug 4, 10, 9:59 am   #9
  
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Oneworld statement (trying to reassure us all!)

Business as usual for Mexicana
03 August 2010


Mexicana's position in the oneworld® alliance is unaffected by the announcement today that the airline has filed for insolvency proceedings in Mexico and bankruptcy protection in the USA to enable it to restructure into line with market conditions.

Mexicana has stressed that it will continue to operate normally, in line with Mexican legislation covering such restructurings. Its schedule is being maintained - though with some network and frequency changes - and it continues to take bookings and offer its full range of services.

So the airline continues to offer full oneworld services and benefits, and tickets for flights on Mexicana and its frequent flyer arrangements are unaffected.

Its affiliates MexicanaClick and MexicanaLink, which are also part of oneworld, operate independently of Mexicana itself and are not affected by the mainline airline's reorganisation process.

For Mexicana's message to customers today and answers to frequently asked questions, see http://cmainforma.com/cma-informs/ and mexicana.com

For details of code-sharing arrangements between other oneworld member airlines and Mexicana, see the relevant airlines' own websites.


And some SERIOUS spin/downplaying of the seriousness of this in the Mexicana statement (linked above and in an earlier post)!!!!
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Old Aug 4, 10, 8:03 pm   #10
  
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Mexicana has stopped accepting reservations for future flights.
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Old Aug 4, 10, 8:25 pm   #11
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I don't see how they are going to continue operations without taking new bookings. This may be the end of the line for Mexicana. Big blow for oneworld, too. Just as AA/BA/IB finally were going to get to compete on a level playing field with SkyTeam and Star Alliance they lose a reasonably significant partner for LatAm.
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Old Aug 4, 10, 9:23 pm   #12
  
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Quote:
Originally Posted by sbm12 View Post
I don't see how they are going to continue operations without taking new bookings. This may be the end of the line for Mexicana. Big blow for oneworld, too. Just as AA/BA/IB finally were going to get to compete on a level playing field with SkyTeam and Star Alliance they lose a reasonably significant partner for LatAm.
Doesn't this mainly affect their international operations? The bulk of domestic flying is on OW affiliates MexicanaClick and MexicanaLink which are reportedly unaffected.
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Old Aug 4, 10, 11:11 pm   #13
  
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Grupo Mexicana owns CMA (MX), MexicanaClick and MexicanaLink. Also MexicanaGo as a separate company.

Question (or premonition) is if CMA (MX) is gonna drag Grupo Mexicana.
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Old Aug 4, 10, 11:15 pm   #14
  
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Expedia not selling local flights (ie MEX-CUN)

mexicana.com still selling them.
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Old Aug 4, 10, 11:20 pm   #15
  
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Mexicana Airline Suspends Ticket Sales

Mexicana Airlines Suspends Ticket Sales

http://www.nytimes.com/aponline/2010..._r=1&src=busln

This is not the end of the name MEXICANA, but the end of the Company (Compañia Mexicana de Aviacion, IATA: MX).

The airline Compañia Mexicana de Aviación (IATA: MX) will still operate flights but will not sell tickets. Instead, Mexicana Click (IATA: QA) and Mexicana Link (IATA: I6) will do the ticket sales and generate the revenues, since they are independent companies with independent Air Operating Certificates (AOC´s). Therefore, what MX will do is try to transfer all remaining assets to QA and I6 and use Chapter 11 process in the US and Chapter 15 in Mexico and slowly liquidate the company. This will take time, so for now MX will only be operating flights.

Ticket sales will be done similar to what Legacy and regional airlines do in the United States. For example, American Eagle (IATA: MQ) operates the flight, but American Airlines (IATA: AA) sells the tickets.
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