Bought by Mexican company

A 95 percent stake in the holding company that controls distressed airline, Mexicana Aviacion, has  been purchased by a group of Mexican business men, a spokesperson for the private group Advent International said on Saturday.

The group assisted in putting together the deal, however the U.S. private equity firm is not participating as a shareholder in the group, called Tenedora K, a statement obtained from Advent’s Mexican public relations office claims.

As one of Mexico’s two major airlines, Mexicana has halted more than a dozen international routes and stopped selling tickets after asking for creditor protection earlier in August under the country’s law of insolvency.

The group bought 95 percent of Nuevo Grupo Aeronautico, which controls Mexicana as well as domestic airlines Mexicana click and Mexican a Link.

Source: Reuters