- This ruling and the actions stemming from it will no doubt lay the foundations for the airline’s future.
Mexico City, September 10, 2010. Mexicana Airlines (CMA) today announced that the Concurso Mercantil petition, initially filed on August 2, 2010, was accepted by the 11th Civil District Judge on Tuesday, September 7.
The objective of the Concurso Mercantil ―as insolvency proceedings are referred to in Mexican law― is to restructure costs and secure financial viability. Tuesday’s decision marked the beginning of the conciliation phase and, pursuant to the procedures stipulated by law and at the proposal of the Department of Communications and Transportation, the judge approved the appointment of Mr. Javier Christlieb Morales as administrator of Mexicana Airlines. Mr. Christlieb Morales assumed his duties on September 8.
Also at the behest of the Department of Communications and Transportation, in its capacity as the granting authority, Mr. Gerardo Badín Cherit’s appointment as arbitrator was approved by the judge. Mr. Badin Cherit will be responsible for facilitating restructuring agreements between the company and its creditors.
This ruling and the actions stemming from it will no doubt lay the foundations for the future of Mexicana Airlines.