Mexicana Lands in Bankruptcy Protection

Mexicana Lands in Bankruptcy Protection

Corporate & Sovereign Strategy

As expected, Mexican airline Mexicana has filed for bankruptcy protection in the US and Mexico. The Chapter 15 and Concurso Mercantil protections will give the carrier “time to restructure its liabilities in an orderly manner and bring its cost structure, particularly labor costs, into line with market conditions,” says the debtor. It plans to also negotiate new collective contracts with its labor unions, offering them the choice of a package of pay cuts and job cuts, or the option of shareholde

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