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Mexican/US group to invest in TAESA.

AIRLINE INDUSTRY INFORMATION-(C)1997-2000 M2 COMMUNICATIONS LTD

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.

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Publication:Airline Industry Information
Date:Jun 15, 2000
Words:166
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