To the adrift CMA

National
Mexican that a judge declare it in mercantile contest
To the adrift CMA
By: Carlos Damián Octuber 18, 2010
All the creditors, and the government go to leave scraped: expert
México. - The Mexican Aviation Company (CMA) procured on Tuesday (sep/7/2010) that a federal judge in civil matter declares it in mercantile competition. Now it starts a period of 12 months so that the company negotiate restructures a financial with their creditors, and of not to arrive to an agreement will be declared in bankruptcy. Felipe Consuelo Soto, judge tenth first of district in civil matter in the city of Mexico, she notified yesterday the content of hers judgment in the one which declared originating the contest petition presented by Mexican the past 3 of August, before the impossibility of confronting passive nearby to a thousand million of dollars.

The competition judgment opened the process of creditors and graduation recognition of the credits, what is mean in what order have right to collect. The legal figure of the mercantile competition was created so that the companies confront financial crisis situations. In Mexico the competition can to approve the entrepreneurs that may have expired more than 35 percent of their obligations or that they do not active may have to easy accomplishment to cover 80 percent of their expired obligations.

Passive by a thousand 50.27 million of dollars and credits expired by 423.47 million
The competition statement is requested a federal judge. The contest consists of two stages: the conciliation and the bankruptcy. . In the conciliation stage, that lasts a year, the principal objective is the attainment of an agreement between the company and its creditors. If this is not obtained the agreement is declared the bankruptcy of the company, being proceeded to sell the assets and to pay by its product to the creditors until where scope. In the course of the conciliation process, the bankruptcy can be requested in any moment.

Upon formulating the court its mercantile competition petition, Mexicana presented figures updated to the 30 of past June, in those which recognized passives for a thousand 50.27 million of dollars, credits expired by 423.47 million, expired credits of short term by 254.27 million and working capital to face these obligations by only 138.07 million of dollars.

How Mexicana continued operating two months more, until stopping operations 28 of August, good part of the working capital would be have consumed in the indispensable expenses to follow flying. Up until now the company does not has to new investors disposed to inject fresh capital.

Working to the adrift
From on Saturday (August 28, 2010) thousands of passengers of the Mexicana, Click and Link, they have remained stranded in various airports as a consequence of the suspension of national and international flight tens decided by the company without applying measures to palliate such situation. To what is supreme, the airline has put at the disposal of the ticket owners a mechanism to accomplish the refund procedure by means of Web, something which does not contribute in nothing to solve the immediate circumstance of the travelers. The authorities, - SCT, and the Profeco - have been abstained of intervening in decisive form to solve the distressing situation of the affected. To those which they sold unrestricted tickets and without order knowing that the company was in bankruptcy.

Nobody has been taken charge, not company neither authority, they have not intervened and it has been permitted be washed the hands to the corporative that attributed the Mexican property, it is a new sample of the lack of certainty that suffers the country, as well as of the growing absence of the State as regulatory of the relationships between particular. Without doubting there are in these much more serious indicative senses, as the official disability to guarantee the right to the life, to the physical integrity, to the freedom, to the health and to the work. Worse even in this national situation, aggravated by the product assassinations of the struggles of the cartels of drug-traffickers.

In this conflict of CMA, there is no justification to make to pay to the consumers and working for the bad financial managing of the administration of the airline, those which were tolerated from the moment in which this was re-privatized around the end of the past federal administration of Vicente Fox. It is necessary and sufficient that the authorities involved in the matter solve to the greater briefness the problem in which are found thousands of persons; that is undertaken a federal investigation of the bad financial managing that carried to its critical current situation to the third airline but ancient of the world, the Latin America principal and the Caribbean, a strategic company for the country.

That the federal authority starts legal proceeding against to clarify the civil and penal responsibilities that they could exist after the turbid uncapitalization of the airline of Mexico with more tradition and lineage. To rely the solution of the bankruptcy of CMA to a mercantile competition and let on without protection to user and working is a unwarranted shows of the archaic neoliberal economic thought in its demonstration more barbarian: the law of the jungle. (La Jornada, economía, p. 23, September 8, 2010).