OMA provides information regarding the bankruptcy filing by Mexicana de Aviación
Monterrey, Mexico, August 4, 2010—Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA (NASDAQ: OMAB, BMV: OMA), provided information regarding the effects of the filing for bankruptcy protection by the airline Compañia Mexicana de Aviación, S.A. de C.V. (“Mexicana de Aviación”).
Mexicana de Aviación announced in a statement published yesterday, August 3rd, that it filed for bankruptcy (concurso mercantil) before a federal judge in Mexico City and that it is seeking bankruptcy protection in the United States under Chapter 15 of the U.S. Bankruptcy Code. Mexicana de Aviación stated that it expected to continue to operate normally, and that such filings did not affect the operations of Click Mexicana and Mexicana Link, which are independent companies from Mexicana de Aviación.
Grupo Mexicana, which comprises Mexicana de Aviación, Click Mexicana, and Mexicana Link, has operations at twelve of OMA’s thirteen airports. Mexicana de Aviación, the company that filed for bankruptcy protection, announced adjustments to its global flight itineraries on August 2nd, including changes at the OMA airports of Monterrey and Zacatecas, principally on international routes. OMA recommends that passengers contact Mexicana de Aviación directly with any questions about their flights. The itinerary changes announced by Mexicana de Aviación at OMA’s airports are as follows:
Route
|
Modification
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Zacatecas - Bajío
|
Suspended
|
Monterrey - México
|
Reduction to one flight per day
|
Zacatecas - Tijuana
|
Connection via Mexico City
|
Monterrey - New York
|
Connection via Mexico City
|
Zacatecas – Los Angeles
|
Connection via Mexico City
|
Zacatecas – Oakland
|
Connection via Mexico City
|
Zacatecas – Chicago
|
Connection via Mexico City
|
During the first six months of 2010, Grupo Mexicana generated 16.6% of OMA’s total passenger traffic, of which 7.6% was accounted for solely by Mexicana de Aviación. Grupo Mexicana generated 17.3% of OMA’s domestic passenger traffic, including 7.2% from Mexicana de Aviación. In terms of international traffic, Grupo Mexicana generated 13.1% of traffic, of which Mexicana de Aviación accounted for 9.3%.
Grupo Mexicana generated 12.2% of OMA’s revenues during the first six months of 2010, of which Mexicana de Aviación accounted for 5.9%.
As of June 30, 2010, Grupo Mexicana accounted for 21.8% of OMA’s accounts receivable, of which Mexicana de Aviación accounted for 10.8%. The majority of these accounts receivable represent passenger charges that Mexicana de Aviación collects from passengers acting as collection agent. Such passenger charges are the property of the airports and constitute their principal source of resources in order to make committed investments and to maintain the quality of services.
At the present time, neither OMA nor any of its subsidiaries have been notified, in their capacity of creditors, that the courts have recognized Mexicana de Aviación’s insolvency proceeding. OMA is evaluating the different alternatives available in order to take the decisions that will best protect the interests of our airline clients, passengers, and shareholders.