Magnicharters airline declared bankrupt by Mexican federal judge

A Mexican federal judge has officially declared the airline Magnicharters bankrupt following the sudden cessation of its operations in April. Judge Tessy del Rocío Covarrubias, head of the First District Court for Mercantile Insolvency, granted the petition filed on May 20 by the parent company, Grupo Aéreo Monterrey.

The court order mandates the appointment of a trustee to take possession of the company's assets, conduct an inventory of all physical and electronic records, and manage the sale of assets to satisfy creditors. While the total global debt is not yet finalized, approximately 500 recognized debts have been identified.

Key reported liabilities include 161 million pesos in labor debts to employees and roughly 150 million pesos owed to travel agencies for unfulfilled tour packages. Additionally, the company reportedly owes approximately 80 million pesos to the Mexico City International Airport (AICM) for services and infrastructure. Three Boeing 737-300 aircraft currently held at an AICM hangar may be auctioned to cover these obligations.

The judge ruled that bankruptcy proceedings for subsidiaries, including the travel agency Magnitur and the ground transport company Magnibus, must be processed through individual legal files rather than a joint procedure.