Reuters: Private Equity: Troubled Mexican airline sold to investor group

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Troubled Mexican airline sold to investor group May 11th 2012, 20:28 MEXICO CITY | Fri May 11, 2012 4:28pm EDT MEXICO CITY May 11 (Reuters) - Nuevo Grupo Aeronautico (NGA), a holding company whose main asset is shuttered Mexican airline Mexicana, said on Friday it has agreed to sell its shares to little-known investor group MedAtlantica for an undisclosed amount. Mexicana, once Mexico's No. 2 carrier and the main operator of international routes, ceased operations in August of 2010, leaving a trail of angry creditors, customers, pilots, flight attendants and ground staff behind. Several companies have unsuccessfully tried to buy Mexicana. The last known figures put Mexicana's debt pile at around 10 billion pesos. NGA did not provide further details on MedAtlantica or if they plan to put Mexicana back in operation.

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