An already heated debate about Mexicana de Aviacion’s debt obligations has exploded in the past few days as creditors scramble to regain losses incurred by the carrier’s grounding in August 2010. At issue is a legal obligation by Mexicana to gain the approval of 51% of its creditors by value for any reorganization plan, which enables the company to proceed with its court-protected restructuring with the backing of just a small number of creditors holding large amounts of debt. In the ...
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