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Mexicana MRO Deal Stalls Pending Banorte Extension Approval

Mexicana MRO Sale Stalls Amid Banorte Extension Approval Delay
The proposed sale of Mexicana de Aviación’s maintenance, repair, and overhaul (MRO) center remains unresolved as key stakeholders await Banorte’s approval of a requested extension to the transaction deadline. According to representatives from the pilot union, the extension sought follows the expiration of the previous deadline on October 4, but no new timeline has yet been established.
Ada Salazar, general secretary of the Asociación Sindical de Pilotos Aviadores (ASPA), confirmed the uncertainty surrounding the process. “We have no fixed date. The extension has not been signed yet by Banorte, which is the party in question,” she stated. The absence of Banorte’s signature has left the parties without a clear path forward.
Trust Structure and Stakeholder Dynamics
The MRO facility operates under the Fideicomiso MRO 2100 trust, a consortium that includes pilot, flight attendant, ground, and administrative unions, alongside Aeropuertos y Servicios Auxiliares (ASA) and Banorte. Any significant operational or structural changes require unanimous consent from all trust members. The unions have proposed a two-year extension to complete the sale and distribute proceeds to employees, but this extension remains contingent on Banorte’s approval.
The delay in securing this approval has raised concerns about the potential impact on both funding and the operational continuity of the MRO center. Market analysts warn that prolonged uncertainty could undermine investor confidence in the deal’s viability, potentially affecting Mexicana’s stock performance. Meanwhile, competitors with more stable financial footing may capitalize on the situation to strengthen their market positions, thereby increasing pressure on Mexicana’s standing within the aviation sector.
Operational Viability and Market Interest
Mexicana’s MRO is one of the few business units to have survived the airline’s bankruptcy proceedings. Union representatives and trust officials describe the operation as financially viable, serving a diverse customer base that includes domestic and South American carriers. Rafael Gutiérrez Barajas, chair of the MRO board, confirmed ongoing interest from potential buyers. “We have had contact with these companies and will continue engaging so that when the appropriate moment arrives, we can close the sale,” he remarked.
The MRO center offers a comprehensive range of services, including major aircraft maintenance, line maintenance, winglet installation, and painting. Its capabilities extend to Airbus models A319, A320, A320neo, A321, A321neo, and A330, as well as Boeing 737, 757, and 767 aircraft. Unions emphasize that the successful completion of the sale will require full alignment among all trust members.
Background and Future Prospects
In April, aviation unions confirmed that the Fideicomiso Mexicana MRO 2100 had secured an extension of its validity until October 4, 2025. This extension followed negotiations involving the Ministry of Infrastructure, Communications and Transport, ASA, Mexico City International Airport, Banorte, and Bancomext. The extended term was deemed essential to facilitate the sale of Mexicana MRO’s shares and aligns with the trust’s original purpose.
Since the asset was assigned to worker organizations in November 2019, unions have concentrated on stabilizing the MRO’s financial and operational status, a process complicated by the pandemic’s impact on the aviation industry. Union leaders have reiterated their commitment to safeguarding workers’ interests as administrators of the trust, collaborating closely with ASSA de México, SMTTTASS, and AECSAMAC.
At present, the transaction remains active but unresolved, with the future of Mexicana’s MRO center hinging on Banorte’s forthcoming decision.

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