Mexicana vows no interruptions from bankruptcy

08/4/2010 | Bloomberg

Citing labor costs, rising fuel prices and falling demand, Mexico's largest passenger carrier filed for bankruptcy protection on Tuesday. With $500 million in assets and $1 billion in debt, Mexicana cannot compete with low-cost carriers and U.S. airlines that have pared labor expenses through their own bankruptcy proceedings, according to a former Mexican transportation minister. The company said its bankruptcy filing prevents creditors from seizing aircraft, so flight operations will not be affected.

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