Pilots and flight attendants to participate in capital stock of Grupo Mexicana
10-Aug-2010 Nuevo Grupo Aeronáutico (Grupo Mexicana) today reported on the progress of negotiations with its pilots’ (ASPA) and flight attendants’ (ASSA) unions aimed at securing the financial viability of Mexicana Airlines (CMA) and guaranteeing its continued existence.
During talks with union representatives, Grupo Mexicana stated that it is willing to accede to the following measures, which would take effect immediately:
- Pilots and flight attendants would be entitled to a share of the capital stock of Grupo Mexicana -the holding 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 labor contracts.
- A complementary investment group would be invited on board to provide Mexciana 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 out.
- Stockholders would be willing to dilute their share participation as necessary to save Mexicana Airlines, which serves some 11 million passengers a year, and the livelihoods of the group's 8,000-plus employees.
Over the last 10 days, talks between Grupo Mexicana and its unions have made considerable progress. Grupo Mexicana acknowledges that its employees are vital to a long-term solution and would like to take this opportunity to extend them its support and solidarity.
Given the airline's cash flow problems and precarious financial situation, time will be a determining factor. However, the fact that the company's unions have agreed to revise collective contracts in the interests of cost efficiency is a major step toward financial viability that will benefit not only employees and passengers in the long term, but Mexico's commercial aviation industry in general.
Grupo Mexicana would like to make it known that each and every one of its employees, both unionized and non-unionized, are making unprecedented sacrifices to ensure passengers booked on flights reach their destinations.
Flight and itinerary changes can be consulted at www.cmainforma.com or at our www.mexicana.com link. Every effort will be made to keep these to a minimum so as to cause as little inconvenience to passengers as possible.