Printer Friendly

Mexican/US group to invest in TAESA.


Bankrupt Mexican carrier, TAESA, may fly again after Grupo Hispano Americano de Aviacion, a group of Mexican and US investors, indicated interest in buying out the airline.

The company has not disclosed any financial details, however the Mexican/US group has apparently offered to purchase all 15 aircraft and to recommence operations on 1 July with 15 national and international routes according to Reuters. The new investors are also intending to rehire some 3,000 of TAESA' s original staff according to a spokesperson for the airline.

TAESA requires about USD130m in order to restructure its USD380m debt and suspended operations due to an investigation into the carrier's safety following a crash in November 1999 that killed 18 people. The airline was formally declared bankrupt in February 2000.

The acquisition must be approved by the Ministry of Communications and Transport as well as a bankruptcy judge.

((Comments on this story may be sent to
COPYRIGHT 2000 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Airline Industry Information
Date:Jun 15, 2000
Previous Article:US Federal Aviation Administration criticised over background checks.
Next Article:US FAA adopts new airworthiness directives.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |