In my airline intel column in this week's Aviation Week & Space Technology, I looked into what Mexicana's recent bankruptcy filing could mean for its maintenance unit -- Mexicana MRO Services.
One of the big determining factors, I found, is what happens to the group's fleet. Even though Mexicana MRO Services counts on third-party customers for about half of its business, its sister companies' fleets provide it with a substantial amount of work. And, the group as a whole only owns 10 of its 67 total aircraft.
[Photo credit: Wikipedia/RichardMarkJ]Lessors have been eager to repossess and replace the aircraft, many of which are A320 family aircraft operated by mainline Mexicana. If that happens, the leasing market may experience a short surplus of the type, Wells Fargo Securities analyst Gary Liebowitz writes in an Aug. 13 update:
Mexicana has a 67-aircraft fleet, of which only ten are owned (the rest are leased). Three of these leased planes had already been repossessed, including one A319 by AerCap. If Mexicana cannot restructure, there could a be a short-term supply glut of A320-family aircraft. Many of these planes could remain in the region with another carrier such as Aeromexico. Some lessors are looking to overturn the stay placed on repossessing planes, with a hearing scheduled on August 16th with a bankruptcy judge in New York.