Hey Ricardo, whats up? Long time no see!
Yes, AM did fly to Montreal, Bogota and the Mexico City-Panama-Caracas route up until 1988 when Aeronaves de Mexico went bankrupt and Aerovias de Mexico was formed a month later to take over the assets of Aeronaves. Thus, the new AeroMexico was born. When the new management took over they reduced the fleet by getting rid of all the DC-9-10s and the DC-8s in order to save money leaving only the DC-10s, MD-80s and DC-9-30 equipment. Because the DC-8s were disposed of, the airline abandoned those routes. Avensa of Venezuela restarted the Caracas-Panama-Mexico City route until Mexicana took over the rights back in 1996. Buenos Aires was flown by AeroMexico between 1992 and 1995 until the Tequila crisis hit the airline once again in which case AM abandoned their Buenos Aires, Frankfurt and Rome destinations and reduced their fleet from 58 to a low 45. So the Mexican airlines have been going from one catastrophe to another basically due to the inability of those governments to handle such situations properly. However, in the latest round of adverse circumstances the airlines have had more stability and therefore seem to be much better poised to withstand adverse effects in the economy.
Pan Am - The World's Most Experienced Airline.