Search Baja California

Saturday, March 26, 2011

NEWS & POLITICS - Mexicana staff wants govt loan


BY VICTOR MAYÉN

On Wednesday, several employees who formed an association to rescue Mexicana in October asked the federal government for a US$ 120-million loan to reopen the airline.

Guido Ebergenyi Vázquez, the Treasurer of the Pilots Union Association (ASPA), held a press conference to announce that he would present the Senate with a law proposal to extend the rights of the employees’ association, which would be named “the General Employees’ Association Law.”

He noted that all members of the airline staff agreed to form the association when the government announced that Mexicana could reopen.

Ebergenyi explained that two Mexican companies are interested in working with the association, and they are already negotiating new business development projects.

The association has already asked the federal government for a loan to supply capital to the airline so that investors can start financing its reopening. “We are no longer asking the federal government to save the company. We are asking for a loan. The government must be tired of providing capital to rescue bankrupt banks and businesses,” Ebergenyi said. “This is why the employees’ association is asking for a US$ 120-million loan to reopen the airline. The cash-flow would pay off the debt.”

The ASPA Treasurer said that several secretariats could raise money from their budgets to grant Mexicana the loan. In return, the association would pledge its brand-name and the airline’s routes as collateral against the loan. In less than two weeks, the two companies interested in investing in Mexicana will present the association with a detailed proposal.
Source: www.thenews.com.mx