Tenedora K Buys Struggling Mexicana Airlines

By Antonio Perez
Antonio Perez
Antonio Perez
August 22, 2010 Updated: October 1, 2015

Passengers of Mexicana airlines wait for their flight to Spain at the international airport in Mexico City, on August 16, 2010. (Alfredo Estrella/AFP/Getty Images)
Passengers of Mexicana airlines wait for their flight to Spain at the international airport in Mexico City, on August 16, 2010. (Alfredo Estrella/AFP/Getty Images)
An investment consortium named Tenedora K has bought 95 percent of the shares of Nuevo Grupo Aeronautico SA, the holding company for Mexicana Airlines, which was under Chapter 15 bankruptcy protection.

Tenedora is a group formed by private investors in association with Mexico’s largest pilots’ union specifically created for the takeover.

Chief Executive Officer Manual Borja Chico resigned as a result of the sale, and Tenedora expects to name a successor on Aug. 25.

Mexicana is Mexico’s largest carrier by passenger volume last year.