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Pilots and flight attendants to participate in capital stock of Mexicana

12-Aug-2010 10:18 AM

Grupo Mexicana announced (10-Aug-2010), after discussions with its pilots and flight attendants, it is willing to accede to the following measures, effective immediately:

  1. Pilots and flight attendants would be entitled to a share of the capital stock of Grupo Mexicana, the holding company for Mexicana Airlines, MexicanaClick and MexicanaLink, and related companies such as MexicanaLoyalty and MexicanaMRO, proportionate to contributions made to the company by unions in their collective labour contracts;
  2. A complementary investment group would be invited to provide Mexicana Airlines with the capital injection it needs to continue operating and secure its financial viability. This group would also be entitled to a share of the company’s capital stock. Prospective investors are currently being sought;
  3. Stockholders would be willing to dilute their share participation as necessary to save Mexicana Airlines. [more]