A group of private investors has bought 95% of Mexicana Airlines for an undisclosed amount.

The investor group of Mexican businessmen called Tenedora K has acquired the stake in the airline’s holding company.

Tenedora K will be the majority owner, with the country’s pilots’ union holding 5%.

The purchase was “the first step in order to establish the conditions that will eventually allow for a process of restructuring that will require coming to financial, operative and labour agreements,” the investor group said in a statement.

Mexicana filed for protection from creditors in Mexico and under Chapter 15 of the US Bankruptcy Code on August 3 after executives said they had failed to reach cost-saving agreements with unions.

The Chapter 15 petition lists more than $500 million in assets and $1 billion in debt. Chapter 15 protection bars US creditors from seizing aircraft or cancelling contracts.
Mexicana CEO Manuel Borja Chico left the airline on Friday.