Mexico's government named public accountant Humberto Murrieta Romo as new administrator and conciliator of Mexicana de Aviacion, tasking him with continuing the process of restructuring the grounded airline.
In early August, the government proposed replacing previous administrator Gerardo Badin, citing lack of progress in getting the company back on sound financial footing. It had recommended Jose Luis Stein Velasco, director of a legal and financial consulting firm, at that time.
The Communications and Transportation Secretariat, however, said Wednesday in a statement that Stein Velasco had "decided not to continue in the process" for professional reasons.
The secretariat named Murrieta Romo in his place, saying he "has occupied different public- and private-sector posts and currently works as a consultant in the areas of investment banking services, asset valuation, corporate restructurings and loan acquisition in different economic sectors."
It said the court responsible for approving the nomination had been notified.
The SCT also said it "reiterates its commitment to continue facilitating Mexicana de Aviacion's bankruptcy proceedings and looks forward to the successful culmination of the company's restructuring process."
In May, the Med Atlantica group acquired 95 percent of Mexicana, which suspended operations in 2010 due to its financial woes.
Med Atlantica is led by Spanish businessman Christian Cadenas, although 80 percent of the group's capital comes from Mexican investors.
The Mexicana group of airlines, also including sister budget carriers Click and Link, grounded its operations in August 2010 after nearly nine decades in business and filed for bankruptcy protection shortly thereafter to restructure a debt load of more than $800 million.
The process has dragged on for two years and, although progress has been made in 2012, no concrete date has been set for the airline to resume operations.
In February, Med Atlantica deposited $300 million and showed proof of its ability to recapitalize the airline.
The airline is expected to return to the skies this year with a staff of just 2,500 workers, meaning severance packages still must be negotiated with the remaining 5,500 employees. EFE