03-Jul-2009 3:44 PM
AeroMéxico - a US bank’s baby
Analysis
From 2006, Consorcio AeroMéxico the parent company of AeroMéxico, faced large debts it was unable to pay off, eventually forcing the company to offer AeroMéxico for sale. In Oct-07, Mexico's second largest bank, Banamex, purchased the airline in an auction for USD249.1 million. Banamex is a subsidiary of Citigroup, the major US bank.
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