Reports now show that a consortium of Mexican businessmen have saved Mexicana Airlines by buying a 95 percent stake in its holding company. The deal offers some hope for the survival of the carrier.

The United States private equity group, Advent International, arranged the acquisition of the consortium. The consortium is being called Tenedora K. This consortium bought 95 percent of Nuevo Grupo Aeronautico. This is the same group that controls Mexicana, as well as Mexicana Click and Mexicana Link.

Mexicana is one of the country’s two major airlines. It is the third longest serving airline in the world. Recently it has cut more than a dozen international routes and stopped selling tickets in order to avoid closing down. The airline has also requested creditor protection last month.

In a statement that was just recently released, it was relieved that Tendedora K is a company that was formed by a group of Mexican businessmen as a vehicle to acquire the mentioned airlines. The main aim of the group is to rescue the airline from the critical financial and operational situation that it finds itself in.

Right now there is still 5 percent of the company that the businessmen do not own. However, it was pointed out that the remaining 5 percent of the company is held by the pilots union.

Overall this could be good news for Mexicana Airlines, which was facing hard times. The airline filed for bankruptcy protection both in the United States and in Mexico. However, these businessmen may have just saved Mexicana Airlines from going under. More news is likely to surface on this deal later on.