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An investor-consortium in Mexico has acquired a controlling stake in Mexicana Airlines, according to reports from Central American.
The group, called Tenedora K, was believed to have bought 95% of the carrier's holding company, Nuevo Grupo Aeronautico SA.
The other five per cent was said to in the hands of the Mexican pilot's union.
The reports said private equity firm, Advent International, announced the deal. It was not known how much the consortium paid for the controlling share.
Mexicana's chief executive Manuel Borja has reportedly resigned from his position.
The carrier sought bankruptcy protection in both the US and Mexico on August 2 before suspending some flights and ticket sales.
Earlier in August unions agreed new pay and conditions for pilots and flights attendants in exchange for a stake in the company.
The airline is known to have suffered from weak trading conditions throughout the global downturn, but was also acutely affected by the swine flu crisis that originated in Mexico.