CORRECTED – UPDATE 1-Mexican group buys stake in airline Mexicana-Advent

(Corrects paragraph eight to show 5 percent stake is held by
pilots union, not flight attendants union)

* Mexican group buys 95 pct of Mexicana’s holding company

* Advent International structured deal, not taking stake
(Adds details on transaction and Mexican business group)

MEXICO CITY, Aug 21 (BestGrowthStock) – A consortium of Mexican
businessmen has bought a 95 percent stake in the holding
company that controls troubled Mexican airline Mexicana de
Aviacion, a spokesman for private equity group Advent
International said on Saturday.

Advent International helped put the deal together, but the
U.S. private equity firm is not participating as a shareholder
in the consortium, called Tenedora K, according to a statement
obtained from Advent’s Mexican public relations office.

Mexicana, one of Mexico’s two major airlines, has halted
more than a dozen international routes and stopped selling
tickets after requesting creditor protection earlier this month
under Mexico’s insolvency law.

The consortium bought 95 percent of Nuevo Grupo
Aeronautico, which controls Mexicana as well as domestic
airlines Mexicana Click and Mexicana Link, the statement said.

“Tenedora K is a company formed by a group of Mexican
businessmen as a vehicle to capitalize the mentioned airlines,
with the aim of rescuing them from the critical financial and
operating situation they are in,” the statement said.

Grupo Industrial Omega and Grupo Arizan are among the
shareholders of Tenedora K, the statement said.

Mexican hotel operator Grupo Posadas (POSADASL.MX: ) said on
Friday that it had sold its 30 percent share of Nuevo Grupo

The remaining 5 percent state in the holding company is
held by the pilots union, the statement said.
(Reporting by Michael O’Boyle; Editing by Eric Beech)

CORRECTED – UPDATE 1-Mexican group buys stake in airline Mexicana-Advent