Five years after it was acquired by the same group that owns Posadas de Mexico (Fiesta Americana and other hotel brands), Mexicana Airlines reportedly is facing serious financial problems. Assets amount to 11.7 billion pesos while debt is close to 14 billion. The Foreign Trade Bank has refused to underwrite a bond issue.
Said to be the most obvious solution would be a merger with Aeroméxico. When the two airlines were sold to private investors (both previously had to be rescued by the government), the federal anti-trust agency blocked single ownership of both. Now, some observers say, there may be no alternative.
Jimm Budd
Reporting from Mexico City
Member of the Society of American Travel Writers
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