Mexico’s Grupo Posadas says sold stake in Mexicana

MEXICO CITY, Aug 20 (BestGrowthStock) – Mexican hotel operator
Grupo Posadas said on Friday that it had sold for a “symbolic”
price its share of the holding company that controls airline
Mexicana de Aviacion.

Posadas (POSADASL.MX: ) said in a filing with the local stock
exchange that it sold its 30.4 percent share of Nuevo Grupo
Aeronautico, the holding company that controls Mexicana.

Posadas did not specify who was the buyer.

“The transfer was for a symbolic value and the transaction
does not have a negative accounting effect on Posadas’ balance
since the indicated investment was registered as zero since
December 2008,” the company said.

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

Nuevo Grupo Aeronautico also controls domestic airlines
MexicanaClick and MexicanaLink.
(Reporting by Armando Tovar; editing by Carol Bishopric)

Mexico’s Grupo Posadas says sold stake in Mexicana