JJJM
Topic Author
Posts: 198
Joined: Sun Mar 19, 2000 7:33 am

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 9:09 am

Hi everyone...

I just thought we should open a new tread.

Today, it´s going to be a very important day for Mexican Aviation.

I don´t have any additional information on this topic, but I know we will soon have lot´s of news and multiple discussions.

Good luck AM and MX....wish you the best.

Regards

JJJM
 
navega
Posts: 467
Joined: Tue Nov 02, 1999 10:58 pm

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 9:24 am

I just read that the Aeromexico Director General is out. Can someone confirm this???
 
JJJM
Topic Author
Posts: 198
Joined: Sun Mar 19, 2000 7:33 am

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 9:28 am

Where did you read that?
 
EddieDude
Posts: 6239
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Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 9:32 am

I agree. Thanks for opening the thread.

I read a few hours ago an article that mentioned that Globalia (Air Europa's parent) was unable to participate in the bidding because its Mexican partner, Grupo Ángeles (Hoteles Camino Real's parent), decided at the last minute to withdraw from the race. Nevertheless, UX will begin talking to the bidder who is adjudicated the AM shares as soon as possible after the announcement, because they are very interested in investing in AM. On the other hand, I have read contradictory news reports regarding the Ministry of Communications and Transportation's thoughts regarding the possibility that only one carrier could be sold. Nonetheless, I guess this is a very strong possibility. In my opinion, this would be quite bad, but let's wait what happens.

If I am not mistaken, the only bidders for MX and AM are Grupo X-tra and Grupo México. If this is inaccurate, I hope someone can correct me.

Speaking of Grupo México, their railroad division has completed the acquisition of Ferrosur (the country's 3rd largest railroad operation) from Grupo Carso. The deal was an all-stock deal whereby Grupo Carso got 15% of the aggregate capital stock of Grupo México's railroad subsidiary. There are rumors that Grupo México and Grupo Carso are considering the possibility of floating the railroad company through a primary and secondary public offering in Mexico (and probably abroad too). If this occurs, perhaps Grupo México will use the proceeds of the IPO to fund the acquisition of one of the CINTRA airlines if it wins the bid.
Next flights: MEX-LAX AM 738, LAX-PVG DL 77L, SHA-PEK CA 789, PEK-PVG CA A332, PVG-ORD MU 77W, ORD-MEX AM 738
 
rojo
Posts: 2257
Joined: Tue Sep 05, 2000 6:08 am

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 10:20 am

Quoting Navega (Reply 1):
I just read that the Aeromexico Director General is out. Can someone confirm this???

Yes, he will be out of AM on or before December 15, 2005. This information has been on the media for one week.

Quoting EddieDude (Reply 3):
If I am not mistaken, the only bidders for MX and AM are Grupo X-tra and Grupo México. If this is inaccurate, I hope someone can correct me.

Actually, the bidders are Grupo X-tra and Grupo Posadas
 
EddieDude
Posts: 6239
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Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 10:43 am

Thanks for the correction... I knew I was missing Posadas (surely their main interest is MX, not AM, correct?). It is a bit disappointing that Grupo México dropped from the race as well. They mentioned on many occasions that they really wanted to expand the cargo side of the business and it is truly a shame that they did not bid.

What was the scheduled time of the announcement?

[Edited 2005-11-30 02:58:10]
Next flights: MEX-LAX AM 738, LAX-PVG DL 77L, SHA-PEK CA 789, PEK-PVG CA A332, PVG-ORD MU 77W, ORD-MEX AM 738
 
pecevanne
Posts: 154
Joined: Mon Jun 28, 2004 12:54 am

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 10:55 am

At least, today, they have a delay in the announcements...sould Be at 1900 local...nothing Yet.
 
pecevanne
Posts: 154
Joined: Mon Jun 28, 2004 12:54 am

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 12:27 pm

MEXICANA belongs to Grupo Posadas....
EXTRA,EXTRA
 
JOSEMEX
Posts: 1437
Joined: Mon Oct 04, 1999 11:44 am

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 12:37 pm

Quoting Pecevanne (Reply 7):
MEXICANA belongs to Grupo Posadas....

Thanks for the info, Pedro! Is that confirmed? Any confirmation on what will happen to AM?
 
ghost77
Posts: 4461
Joined: Wed Mar 01, 2000 2:07 pm

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 12:50 pm

Quoting Pecevanne (Reply 7):
MEXICANA belongs to Grupo Posadas....
EXTRA,EXTRA

SWEEET!!!!


ghost77 APM
Ricardo Morales - flyAPM - ¡No es que maneje rapido, solo estoy volando lento!
 
commavia
Posts: 9803
Joined: Mon Apr 25, 2005 2:30 am

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 1:09 pm

If Mexicana now belongs to Grupo Posadas, Mexico's largest hotel conglomerate, what could this mean for the future of Mexicana's network and operations? And what of the alliance with American and a possible future in oneworld?

Thanks in advance, cheers.
 
EddieDude
Posts: 6239
Joined: Fri Nov 14, 2003 10:19 am

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 1:13 pm

Nice. It will be interesting to see if VTP's prices will come down. It will also be interesting if they can find more synergies between the hotel and the airline businesses to make their operations more profitable.

Does anyone know if Posadas went alone or if it is in a consortium with other investors? Will Posadas get only 51% of the stock of MX or will it purchase more?
Next flights: MEX-LAX AM 738, LAX-PVG DL 77L, SHA-PEK CA 789, PEK-PVG CA A332, PVG-ORD MU 77W, ORD-MEX AM 738
 
N405MX
Posts: 1156
Joined: Sat May 01, 2004 1:46 pm

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 1:16 pm

Quoting Pecevanne (Reply 7):
MEXICANA belongs to Grupo Posadas....

Great!!!
Way to go MX, finally out ! ! !

Quoting EddieDude (Reply 11):
Nice. It will be interesting to see if VTP's prices will come down. It will also be interesting if they can find more synergies between the hotel and the airline businesses to make their operations more profitable.

Hope they will, also more destinations can be added or more VTP´s with more options, great news.

C O N G R A T U L A T I O N S MX! ! !
Life is what happens when you have other plans.....
 
LeoDF
Posts: 349
Joined: Mon Aug 02, 1999 11:44 am

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 1:20 pm

Together they can scare the hell out of every vacation package offered by other airlines!!

We'll have our own Iberostar Group!! Great! Last time we had something like this was with Allegro...

Well done! LONG LIVE MEXICANA!!

A. De Leo
"PiloT"
Lloyd Aereo Boliviano
 
KLM685
Posts: 1506
Joined: Sat May 21, 2005 12:41 pm

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 1:32 pm

Quoting Pecevanne (Reply 7):
MEXICANA belongs to Grupo Posadas....
EXTRA,EXTRA

Excellent! Congratulations to Mexicana. Hopefully things will get better in Mexican Aviation!!

Again, CONGRATULATIONS!!!!!!!!


Alonsou
KLM- The Best Airline in the World!
 
rojo
Posts: 2257
Joined: Tue Sep 05, 2000 6:08 am

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 1:33 pm

Quoting EddieDude (Reply 11):
Nice. It will be interesting to see if VTP's prices will come down. It will also be interesting if they can find more synergies between the hotel and the airline businesses to make their operations more profitable.

A little bit difficult for them to do synergies, since it would be considered unfair competition. Both companies will operate as separate entities...

Quoting EddieDude (Reply 11):
Does anyone know if Posadas went alone or if it is in a consortium with other investors? Will Posadas get only 51% of the stock of MX or will it purchase more?

They went alone, but they will get the money from IXE Grupo Financiero
 
EddieDude
Posts: 6239
Joined: Fri Nov 14, 2003 10:19 am

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 1:51 pm

Quoting Rojo (Reply 15):
A little bit difficult for them to do synergies, since it would be considered unfair competition.

True, vertical arrangements can be punished by the antitrust authorities given certain conditions are present, but there is nothing wrong with, for example, consolidating vendors or suppliers of certain goods. I can think of having only one advertisement agency for both the hotels and the airline and getting more attractive fees; getting the mints/chocolates the housekeepers leave on your pillow and the cookies served by MX from the same vendor, etc... things like that. It may not amount to much, but any savings is good. I can also think of, for example, the Posadas holding company getting in the future a loan from a bank or a syndicate of banks and allocating the proceeds between the hotel division and MX, as required by each of them, so as to benefit from better interest rates (much like other large publicly traded corporations with high ratings do when their diverse subsidiaries need funds for working capital or investments).

It is interesting that Banco IXE is financing the acquisition. I guess that they have confidence that this acquisition will be good for Posadas. Banamex has a long-standing relationship with Posadas so I expected them to be the lenders. Otherwise, I would have thought the money would come from BBVA Bancomer, Banco Inbursa or a syndicate of foreign lenders.
Next flights: MEX-LAX AM 738, LAX-PVG DL 77L, SHA-PEK CA 789, PEK-PVG CA A332, PVG-ORD MU 77W, ORD-MEX AM 738
 
Mexicana757
Posts: 2635
Joined: Fri Apr 20, 2001 3:21 pm

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 2:34 pm

As I guessed in another forum that Mexicana would be the airline to be sold instead of AM. Happy Mexicana has found a new home. Congrats MX and now maybe we can expect them going to Europe and competing with AM. Lets see how this new company will have an open mind about MX's presence in Europe.

Heres a link to the press release:
http://www.bloomberg.com/apps/news?pid=10000086&sid=aW6a17S4b1pM
 
Kezensky
Posts: 18
Joined: Sat Oct 16, 2004 1:54 pm

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 2:45 pm

Congratulations Mexicana!!!

In another matter I would like to share with you, that today I was informed today that I will be re-hired by Mexicana in January '06! So I guess this month will be a full month of celebrations...felicidades!
Saludos

Tom

(PS: Segun esto MX se vendio a un precio de $166 mdd)
If you´re not having fun, you´re not doing it right!
 
EddieDude
Posts: 6239
Joined: Fri Nov 14, 2003 10:19 am

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 2:59 pm

Tom, very good news man, congratulations!

About the price, the $459 million figure (resulting from the addition of the offered purchase price and the amount of the assumed debt) seems on line with what analysts had forecast. I wonder if CINTRA will indeed sell 100% of MX to Posadas or if they will only sell a majority interest. CINTRA could keep a non-controlling stake in the company and negotiate a put option and registration rights with Posadas in order to sell to Posadas the remaining shares at a fixed price in the future if things don't bode well for MX or even make a secondary offering in the stock exchange if MX becomes profitable and starts to grow.
Next flights: MEX-LAX AM 738, LAX-PVG DL 77L, SHA-PEK CA 789, PEK-PVG CA A332, PVG-ORD MU 77W, ORD-MEX AM 738
 
Kezensky
Posts: 18
Joined: Sat Oct 16, 2004 1:54 pm

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 3:06 pm

Thanks my friend!!!

And sorry for any grammatical mishaps - but I'm already celebrating...jejeje

Salud os

Tom
If you´re not having fun, you´re not doing it right!
 
anthsaun
Posts: 510
Joined: Thu Apr 22, 2004 3:32 pm

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 4:01 pm

History has it's price... Congratulations MX


So now what? Does anyone know the new business plan for MX?

What's going to happen to AM? Is CINTRA going to invest the new money from the MX's sale on AM or in the new MX?

Long live MX!!!!
Over 80 years in business say a lot about success
 
farmenta
Posts: 52
Joined: Fri Jul 30, 2004 10:49 am

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 5:31 pm

FINALLY,

Congratulation to MX! There Clase Ejecutiva is just OUTSTANDING!
I hope that MX finally venture into Europe. No wonder why MX is opening
so many new routes!

The best for MX.

Fer
 
Mexicana757
Posts: 2635
Joined: Fri Apr 20, 2001 3:21 pm

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 10:51 pm

Here is more info and news on the sale.

http://biz.yahoo.com/ap/051130/mexico_airline_sale.html?.v=1
 
adriaticus
Posts: 989
Joined: Thu May 06, 2004 3:29 pm

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 11:10 pm

In the end, no matter how rational we can get to be in business-related matters, I feel extremely content that good old MX, a true legacy (in the historic sense) got to remain in Mexican hands...

I know, I know... All the rationals and blah, blah... AV is doing very well under Brazilian Mr. Efromovich, and all that, but I just like it better this way...

__Ad.
A300/18/19/20/21 B721/2 B732/3/G/8 B741/2/4 B752 B762/3/4 B772/3 DC8/9/10 MD11 TU134/154 IL62/86 An24 SA340/2000 E45/90
 
adriaticus
Posts: 989
Joined: Thu May 06, 2004 3:29 pm

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 11:18 pm

Quoting Kezensky (Reply 18):
(PS: Segun esto MX se vendio a un precio de $166 mdd)



Quoting EddieDude (Reply 19):
About the price, the $459 million figure (resulting from the addition of the offered purchase price and the amount of the assumed debt) seems on line with what analysts had forecast.

This is what Associated Press said about the money portion:

<< Cintra SA, Mexico's government-run airline holding company, said it had agreed to sell the country's No. 2 carrier, Mexicana, to the Grupo Posadas hotel chain for $165.5 million, plus debt and other financial considerations.

Cintra said late Tuesday the hotel chain had agreed to incur $294 million in debt and pay $997 million for Mexicana's fleet of airplanes, pushing the total value of the deal up to $1.46 billion.
>>

__Ad.
A300/18/19/20/21 B721/2 B732/3/G/8 B741/2/4 B752 B762/3/4 B772/3 DC8/9/10 MD11 TU134/154 IL62/86 An24 SA340/2000 E45/90
 
BGOODAM
Posts: 127
Joined: Sat Apr 30, 2005 3:23 am

Cintra News: AM/MX Sale Process

Wed Nov 30, 2005 11:19 pm

Quoting Kezensky (Reply 18):
In another matter I would like to share with you, that today I was informed today that I will be re-hired by Mexicana in January '06! So I guess this month will be a full month of celebrations...felicidades!

Congrats, now that is great news!! Good luck to MX.
 
anthsaun
Posts: 510
Joined: Thu Apr 22, 2004 3:32 pm

Cintra News: AM/MX Sale Process

Thu Dec 01, 2005 12:59 am

I have just a few little questions in case someone might have the answer.



1.- What stock percentage did "Grupo Posadas" acquired?

2.- What entities do actually own MX now?

3.- When is the new management taking over?

4.- What is going to be the role played by CINTRA now in the new Board of Trustees?

5.- Is $294 million the total amount of debt? Is now MX free of debt?

6.- Paying $ 997 million for the fleet does mean that MX no owns the airplanes?

7.- Is "Grupo Posadas" the best option, or is it the new owner because it was the only left option?

8.- Is there a new investment plan for MX?

9.- What are the new horizons for "Grupo Posadas" as MX's owner?

10.- How does AM feel about the news?



You guys know, just a few questions awaiting for several answers.

Thankx
Over 80 years in business say a lot about success
 
EddieDude
Posts: 6239
Joined: Fri Nov 14, 2003 10:19 am

Cintra News: AM/MX Sale Process

Thu Dec 01, 2005 2:07 am

Quoting Adriaticus (Reply 25):
and pay $997 million for Mexicana's fleet of airplanes...pushing the total value of the deal up to $1.46 billion.

$997 million is probably the amount of the lease agreements. I did not consider that sum when making my post. My post referred to the purchase price and the MX debt (excluding lease amounts) only, and that amount is very much in line with what several domestic and foreign investment bankers mentioned a while ago (you may recall several securities brokers/dealers/underwriters mentioned that the transaction would be between 400 and 500 million dollars).

Quoting Anthsaun (Reply 27):
5.- Is $294 million the total amount of debt? Is now MX free of debt?

6.- Paying $ 997 million for the fleet does mean that MX no owns the airplanes?

$294 million is the amount of MX's debts reflected in the balance sheet (excluding amounts due or to become due under the aircraft lease agreements). MX still owes this money to its creditors. When an acquisition is announced, it is standard practice to refer to the addition of the purchase price and the value of the assumed debt as the value of the transaction.

The $997 million is, as I mentioned, probably the value of the outstanding lease agreements. MX still has to pay, over the life of said leases, the corresponding amounts. The mention of this amount is simply to show the amount that the acquisition truly entails.
Next flights: MEX-LAX AM 738, LAX-PVG DL 77L, SHA-PEK CA 789, PEK-PVG CA A332, PVG-ORD MU 77W, ORD-MEX AM 738
 
N405MX
Posts: 1156
Joined: Sat May 01, 2004 1:46 pm

RE: Cintra News: AM/MX Sale Process

Thu Dec 01, 2005 2:34 am

Quoting Anthsaun (Reply 27):
1.- What stock percentage did "Grupo Posadas" acquired?

Andrés Conesa said last night with Lopez Dóriga that 100%

Quoting Anthsaun (Reply 27):
7.- Is "Grupo Posadas" the best option, or is it the new owner because it was the only left option?

Maybe

As for MX debt, they will sell (or is already sold) the Xola building (MX tower) it will remain as Torre Mexicana, and that money will be used to pay MX debt and start in 0.

Saludos
Life is what happens when you have other plans.....
 
SFOMEX
Posts: 1602
Joined: Sat Dec 04, 2004 8:55 am

RE: Cintra News: AM/MX Sale Process

Thu Dec 01, 2005 2:59 am

"La primera siempre será la primera"

Sweet! Mexicana is starting a new and exciting period on its long history. I wish them success.

What about new routes? Will Asia be kept on its plans? And Europe (FRA and LHR)?
The only thing worst than the GOP is the Democratic Party, think about it!
 
cun757
Posts: 199
Joined: Wed May 26, 2004 12:27 am

RE: Cintra News: AM/MX Sale Process

Thu Dec 01, 2005 5:50 am

Sorry guys I didn't see this post, and I start a new one who says Mexicana is private again... Well any way I think this was a very good sale, because posadas its a very good hotel group...
757 forever
 
SFOMEX
Posts: 1602
Joined: Sat Dec 04, 2004 8:55 am

RE: Cintra News: AM/MX Sale Process

Thu Dec 01, 2005 7:46 am

We have a date now: Starting next December 16th, Mexicana will be officially part of Grupo Posadas. That day will end CINTRA's control over Mexicana.

http://www.eluniversal.com.mx/notas/318479.html (Spanish)
The only thing worst than the GOP is the Democratic Party, think about it!
 
navega
Posts: 467
Joined: Tue Nov 02, 1999 10:58 pm

RE: Cintra NEWS// AM/MX Sale Process

Thu Dec 01, 2005 9:48 am

Well Mexicana got sold I hear and Aeromexico had no takers.

Congratulations Mexicana...
 
EddieDude
Posts: 6239
Joined: Fri Nov 14, 2003 10:19 am

RE: Cintra News: AM/MX Sale Process

Thu Dec 01, 2005 9:53 am

Quoting Navega (Reply 33):
I hear and Aeromexico had no takers

It had two takers: Grupo Posadas and Grupo X-tra. It is just that their bids were lower than the minimum asking price.
Next flights: MEX-LAX AM 738, LAX-PVG DL 77L, SHA-PEK CA 789, PEK-PVG CA A332, PVG-ORD MU 77W, ORD-MEX AM 738
 
XA744
Posts: 630
Joined: Sat Mar 13, 2004 11:40 am

RE: Cintra News: AM/MX Sale Process

Thu Dec 01, 2005 1:16 pm

Swell !...

.... Now let´s just hope that Grupo Posadas and the new management at Xola 535 redefine Mexicana. I mean, can we this time expect true commitment to quality in every single area ? Will they be able to come up with aggressive, but realistic 5 year and 10 year business plans ?

By redefining, I am trying to say that a new Mission and Vision should be clearly conceived and implemented.

A whole new corporate philosophy is needed in our commercial aviation industry !

Regards
No matter how you fly...just never get your wings clipped !
 
BGOODAM
Posts: 127
Joined: Sat Apr 30, 2005 3:23 am

RE: Cintra News: AM/MX Sale Process

Thu Dec 01, 2005 10:39 pm

Quoting EddieDude (Reply 34):
It had two takers: Grupo Posadas and Grupo X-tra. It is just that their bids were lower than the minimum asking price

Apperantly AM is worth more than MX, therefore the quick sale, AM must get sold at the asking price that it is worth not something near what MX is worth, just the Skyteam contract alone is reason to increase the price.
 
XA744
Posts: 630
Joined: Sat Mar 13, 2004 11:40 am

RE: Cintra News: AM/MX Sale Process

Thu Dec 01, 2005 11:29 pm

Quoting BGOODAM (Reply 36):
AM must get sold at the asking price that it is worth not something near what MX is worth, just the Skyteam contract alone is reason to increase the price.

CMA could jump into One World at any time. The airline has been already "audited and scrutinized" by the alliance. Now, it will be up to the new management to arrive to a decision in this regard... They might as well continue with the current scheme and pursue code share agreements and joint operation deals with carriers worldwide.

Personally, I would love to see such an interesting marketing strategy taking place.

Regards
No matter how you fly...just never get your wings clipped !
 
KLM685
Posts: 1506
Joined: Sat May 21, 2005 12:41 pm

RE: Cintra News: AM/MX Sale Process

Fri Dec 02, 2005 12:03 am

Quoting BGOODAM (Reply 36):

Apperantly AM is worth more than MX, therefore the quick sale, AM must get sold at the asking price that it is worth not something near what MX is worth, just the Skyteam contract alone is reason to increase the price.

Well, no. I do agree with the fact that AM is worth more than MX, but I don't believe it was the reason for the "quick sale".

Newspapers consider AM as having huge internal problems and debts that must be solved (not saying it's not profitable) before someone considering to actually buying it. IF AM had been more valuable than MX then things would be the other way around, why buy MX if AM is better?

Then again, AM is considered a financial trap which is something the government must fix urgently if they really want to sell the airline. Otherwise no one would buy an airline that would cost 100% more only to solve their problems.

The buyer acquires the debts, etc... So management need to put their minds on again and work on it. Try to make it efficient.


Greetings

Alonso
KLM- The Best Airline in the World!
 
XA744
Posts: 630
Joined: Sat Mar 13, 2004 11:40 am

RE: Cintra News: AM/MX Sale Process

Fri Dec 02, 2005 12:24 am

Quoting KLM685 (Reply 38):
Well, no. I do agree with the fact that AM is worth more than MX, but I don't believe it was the reason for the "quick sale".

Fellows, just check the article on the sale of Mexicana published today in La Jornada.

Link: http://www.jornada.unam.mx/2005/12/01/026n1eco.php

Regards
No matter how you fly...just never get your wings clipped !
 
commavia
Posts: 9803
Joined: Mon Apr 25, 2005 2:30 am

RE: Cintra News: AM/MX Sale Process

Fri Dec 02, 2005 12:37 am

Quoting XA744 (Reply 37):
CMA could jump into One World at any time. The airline has been already "audited and scrutinized" by the alliance.

MX has already been "audited" by oneworld?

I wish MX would join already -- they would be a perfect fit for the alliance, especially given its heavily Americas-focused coverage with AA, LA and IB.
 
adriaticus
Posts: 989
Joined: Thu May 06, 2004 3:29 pm

RE: Cintra News: AM/MX Sale Process

Fri Dec 02, 2005 1:24 am

Quoting XA744 (Reply 37):
Quoting BGOODAM (Reply 36):
AM must get sold at the asking price that it is worth not something near what MX is worth, just the Skyteam contract alone is reason to increase the price



Quoting XA744 (Reply 37):
CMA could jump into One World at any time.

Talking about alliances alone, SkyTeam offers considerable more value-added to Mexican travelers than oneworld. From a worldwide perspective, and comparing apples to apples, SkyTeam offers better system integration and more comfortable, seamless interline traveling than oneworld.

Therefore, Bgoodam is right: SkyTeam membership is indeed a reason to maintain a higher price tag for AM. What's more, MX is not even a member of oneworld as of yet.

__Ad.

[Edited 2005-12-01 17:25:57]
A300/18/19/20/21 B721/2 B732/3/G/8 B741/2/4 B752 B762/3/4 B772/3 DC8/9/10 MD11 TU134/154 IL62/86 An24 SA340/2000 E45/90
 
AM001
Posts: 149
Joined: Thu Jan 29, 2004 1:44 pm

RE: Cintra News: AM/MX Sale Process

Fri Dec 02, 2005 3:31 am

Quoting KLM685 (Reply 38):
Newspapers consider AM as having huge internal problems and debts that must be solved

I tought MX had a larger debt than AM...
"Je vole car cela libere mon esprit de la tyrannie des choses insignifiantes" - St. Exupery
 
EddieDude
Posts: 6239
Joined: Fri Nov 14, 2003 10:19 am

RE: Cintra News: AM/MX Sale Process

Fri Dec 02, 2005 6:40 am

Quoting Am001 (Reply 42):
I tought MX had a larger debt than AM...

No idea about that. But remember that the size of the debt is not as important as its maturity dates, its financial cost (i.e., the interest rates), the covenants (financial and otherwise) binding the company, and the likelihood that the creditors will be willing to restructure the debt or grant extensions or standstills in case the company needs that to remain solvent.
Next flights: MEX-LAX AM 738, LAX-PVG DL 77L, SHA-PEK CA 789, PEK-PVG CA A332, PVG-ORD MU 77W, ORD-MEX AM 738
 
fly727
Posts: 1752
Joined: Tue Jul 29, 2003 8:27 am

RE: Cintra News: AM/MX Sale Process

Fri Dec 02, 2005 8:06 am

Quoting LeoDF (Reply 13):
We'll have our own Iberostar Group!! Great! Last time we had something like this was with Allegro...

The Allegro Resorts were not owned nor affiliated with Líneas Aéreas Allegro.

Quoting Kezensky (Reply 18):
In another matter I would like to share with you, that today I was informed today that I will be re-hired by Mexicana in January '06! So I guess this month will be a full month of celebrations...felicidades!
Saludos

Tom: Congrats my man. This will be indeed a really interesting year for us all. You coming back to Mexicana, line getting shorter everywhere, jobs pouring from the sky for qualified pilots... you name it. Hope to hear you on 121.2.

Quoting Adriaticus (Reply 41):
Therefore, Bgoodam is right: SkyTeam membership is indeed a reason to maintain a higher price tag for AM. What's more, MX is not even a member of oneworld as of yet.

For what I know, AM's tag price was higher than Mexicana's for whatever the reasons are (comes to mind broader route system and extremely successful fleet renewal). But before we jump into the fighting ring, this doesn't imply that AM is better run or that in the long term it will be better than any given airline (Mexicana included). The fact that it had no immediate takers shows an attempt of the State to have a clean process in which the airline WILL be sold at its RIGHT PRICE. Farewell to those days in which the country's infrastructure was sold to private parties for peanuts.

Au contraire, Grupo Posadas bid for Mexicana was right and exceeded the minimum sale price (remember it was a confidential process, so hitting the right numbers and beating other's offers was often a matter of flipping coins).

Great for Mexicana. Its modernization process turned out to be very successful; I see nothing but good things for them now that it is owned by a private, profitable, sector.

RM  Smile
There are no stupid questions... just stupid people!
 
SFOMEX
Posts: 1602
Joined: Sat Dec 04, 2004 8:55 am

RE: Cintra News: AM/MX Sale Process

Fri Dec 02, 2005 8:21 am

Quoting XA744 (Reply 39):
Fellows, just check the article on the sale of Mexicana published today in La Jornada.

I hate to break it to you, but La Jornada (better known as Mexico City's Pravda among the Mexican left) is not a reliable source regarding the current administration and its decisions. La Jornada hates Fox and his government and they hardly hide it. It's like trusting Dan Rather when looking for fair coverage of president Bush!!
The only thing worst than the GOP is the Democratic Party, think about it!
 
rojo
Posts: 2257
Joined: Tue Sep 05, 2000 6:08 am

RE: Cintra News: AM/MX Sale Process

Fri Dec 02, 2005 8:39 am

Quoting Fly727 (Reply 44):
Au contraire, Grupo Posadas bid for Mexicana was right and exceeded the minimum sale price (remember it was a confidential process, so hitting the right numbers and beating other's offers was often a matter of flipping coins).

I am not so sure about this... to make it worst, Posadas still does not know where it will get the money from to pay for Mexicana. It all was a political issue!!

Mexicana was sold below the minimum sale price established by CINTRA. Regarding AM, the problem was that Grupo X-tra's bid was so low that it would be the same to give it away!!
 
ucunnn
Posts: 61
Joined: Mon Oct 17, 2005 2:35 pm

RE: Cintra News: AM/MX Sale Process

Fri Dec 02, 2005 8:45 am

Well hopefully now Mexicana in new hands really start to taking back those domestic routes and get into HMO, TRC, CUU, CJS, PBC, TLC and others . Hopefully LHR, FCO and FRA were the first european routes if they decide to get into Europe soon.
 
XA744
Posts: 630
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RE: Cintra News: AM/MX Sale Process

Fri Dec 02, 2005 9:43 am

SFOMEX, without any fear or favor, allow me to say that...

...I just couldn´t care less about what La Jornada or any other media source has to say in regards to the sale of Mexicana or Aeromexico. What really matters to me is that I would like to see a Mexican aviation industry coming out of its long lived mediocrity...

...Anything else would be just a lot of horse dump !

Regards
No matter how you fly...just never get your wings clipped !
 
rojo
Posts: 2257
Joined: Tue Sep 05, 2000 6:08 am

RE: Cintra News: AM/MX Sale Process

Fri Dec 02, 2005 10:27 am

I hope the best for MX and AM, but still don't know what Posadas is going to do with Mexicana... they are desperately searching for someone (a group with expertise) to run the airline.

The government sold MX so cheap because they needed to dissolve CINTRA before January 1st, 2006. By giving the airline to Posadas (who did a favor to the government by taking it) they were able to comply with the CFC's resolution; problem was that the government needed to sell at least one airline no matter what...