Mexicana Could Be Saved is reporting that a consortium of Mexican businessmen bought a 95 percent stake in the holding company that controls Mexicana with hopes of saving the airline that filed for bankruptcy earlier this month.

According to the report, U.S. private equity group Advent International arranged the acquisition for the consortium, which is called Tenedora K. The consortium bought 95 percent of Nuevo Grupo Aeronautico, which controls Mexicana as well as domestic airlines Mexicana Click and Mexicana Link, according to a statement from Advent International. However Advent itself has not invested in the deal.

Mexicana has cut more than a dozen international routes and stopped selling tickets after requesting creditor protection earlier this month under Mexico’s insolvency laws.

The 89-year-old airline is owned by Grupo Mexicana. Reservation and issuing of tickets for flights operated by Mexicana Airlines have been suspended indefinitely. However, Mexicana Airlines will continue flying in the “interest of protecting passengers who already have tickets and flight itineraries,” the company said.

Last week, Travel Agent spoke to several notable tourism industry representatives and got their opinions on the impact of the bankruptcy.

Although most people view this as a great step, Mexico specialist Marianne Braly of Now Voyager Traveler, a Signature Travel Network member located in Huntington Beach, CA, is a bit more skeptic."That's really good news about Mexicana, but I'll believe it when I actually see it done," she told Travel Agent.

The bankruptcy announcement came one day after the airline suspended more than 30 flights in Mexico and across the U.S. The Mexico City-based airline promised to contact passengers with tickets on canceled flights for a refund or to rebook them on another Mexicana flight or with another carrier.

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