Compania Mexicana de Aviacion’s Petition for Insolvency Proceedings (Concurso Mercantil) Has Been Admitted

SOURCE: Mexicana Airlines

MEXICO CITY–(Marketwire – August 5, 2010) –

  • THE COMPANY’S PETITION TO FILE INSOLVENCY PROCEEDINGS HAS BEEN ADMITTED, INITIATING THE INSOLVENCY PROCEDURES.

  • A SERIES OF INJUNCTION RELIF MEASURES HAVE BEEN DECREED TO TEMPORARILY PREVENT CREDITORS FROM EXERCISING THEIR RIGHTS OVER COMPAÑÍA MEXICANA DE AVIACIÓN’S OUTSTANDING DEBT OBLIGATIONS.

Today, a District Judge of Mexico City published the admission decree to the Concurso Mercantil petition filed by Compañía Mexicana de Aviación (CMA) on August 2, legally initiating the insolvency petition process aimed to restore CMA’s viability. In order for CMA to continue operations and to protect the Company, passengers and its creditors, a series of temporary injunction relief measures have been granted to prevent creditors from exercising their rights over the CMA’s outstanding debt obligations. Such measures are subject to negotiations with CMA’s creditors and unions.

We would like to remind passengers that MexicanaClick and MexicanaLink operate independently of CMA, and are therefore unaffected by this process.

Compañía Mexicana de Aviación would like to reaffirm its commitment to its customers, business partners and employees. For regular updates on the progress of negotiations and the restructuring process please visit www.mexicana.com, or follow us on Twitter: @mexicana.com.

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