A newly-formed group of investors and Mexico’s pilots’ union has purchased the parent company of Compania Mexicana de Aviacion (Mexicana) to secure the airline’s future.

Tenedora K has bought 95% of the airline’s shares as part of the Nuevo Grupo Aeronautico SA agreement and the union’s General Secretary Fernando Perfecto confirmed it had the other 5%.

Mexicana filed for protection from creditors in Mexico and under the US Bankruptcy Code on 3 August after it failed to reach cost-cutting agreements. The airline’s CEO, Manuel Borja Chico, left on Friday.