Mexican banking concern Ixe Grupo Financiero SAB said Tuesday that it may participate "with a very small stake" in grounded airline Grupo Mexicana if negotiations to bring the carrier out of bankruptcy proceedings are successful, Dow Jones Daily Bankruptcy Review reported.

Hipotecaria Su Casita SA, the private issuer of mortgage-backed debt that failed to sell itself to BBVA Bancomer SA, plans to present a restructuring plan to debt holders today, Bloomberg reported. The proposal includes offering short- and long-term debt holders equity in the company, new debt and cash payments, Su Casita said today in an e-mailed statement to Mexico’s stock exchange. Su Casita said Sept. 10 that it was evaluating “other alternatives” after a deal to sell part of its assets to the Mexican unit of Banco Bilboa Vizcaya Argentaria SA fell through.

Boeing Co. is looking for new customers for the 717 planes previously flown by the low-cost arm of arm of Grupo Mexicana, which have been grounded for a month after the company filed for bankruptcy protection, Dow Jones Daily Bankruptcy Review reported. MexicanaLink operated 20 Boeing 717s leased from Boeing Capital, according to consultancy Ascend Worldwide. Owners and lessors have repossessed a handful of the 109 planes flown by the group and are working to recover and remarket the remainder, despite faint hopes that a slimmed-down Mexicana could restart later this year.

Aerospace giant Airbus says it’s confused as to why Mexicana continues to order replacement parts even though the Mexican airline hasn’t operated flights for the past month, The Wall Street Journal Bankruptcy Beat blog reported. Airbus is asking the U.S. Bankruptcy Court in Manhattan for vendor protections, such as assurance that it will be paid within seven days of delivering parts, after it received several unexpected orders from Mexicana in the past two weeks.

Several U.S. airports, including New York's John F. Kennedy International, said Compania Mexicana de Aviacion has failed to make a promised Sept. 15 payment to them, Dow Jones Daily Bankruptcy Review reported. In papers filed Monday with the U.S. Bankruptcy Court in Manhattan, the airports demanded additional protections for the amounts owed to them, including the right to tap certain letters of credit and to take back space assigned to Mexicana in their facilities, after the Mexican airline reneged on a promise to pay fees.

A judge has granted bankruptcy protection to ailing Mexicana airline, which indefinitely suspended all its flights last month, judicial sources said Tuesday, Agence France-Presse reported. The group has one year to restructure and avoid bankruptcy, judge Felipe Consuelo Soto, from the Federal Judicial Council, said in the ruling late Monday. The judge called for the Communications and Transportation Ministry to name a new administrator to deal with the airline's creditors within five days.

Mexico's government is hopeful that the troubles of grounded airline company Mexicana will be resolved in time for the December travel season, when millions of local and foreign tourists will flock to resorts such as Cancun for holidays, a government official said. "Our goal must be that Mexicana returns to the skies by the December high season," Labor Minister Javier Lozano said at a press conference Wednesday, according to a transcript from the ministry, Dow Jones Daily Bankruptcy Review reported.

Metrofinanciera SA, a closely held provider of mortgage loans in Mexico, sought bankruptcy court protection from U.S. creditors, Bloomberg reported. The company, based in Monterrey, Mexico listed both debt and assets of more than $500 million in Chapter 15 documents filed today in U.S. Bankruptcy Court in Corpus Christi, Texas. Chapter 15 protects foreign companies from U.S. lawsuits and creditor claims while a company reorganizes abroad.

Compania Mexicana de Aviacion is unlikely to resume operations after grounding all its flights over the weekend, four weeks after filing for bankruptcy protection in Mexico and the U.S., UBS AG said, Bloomberg reported. That will initially curb air traffic and hurt airport operators, including Grupo Aeroportuario del Sureste SAB, Grupo Aeroportuario del Pacifico SAB and Grupo Aeroportuario del Centro Norte SAB, UBS analysts Tomas Lajous and Luis Galvez wrote today in an e-mailed note. “We expect this should be permanent,” the analysts wrote.

Mexicana Airlines shut down all flights on Saturday, marking at least a temporary disappearance from the skies of one of the world's oldest air carriers, the Economic Times reported. Some airlines offered preferential deals to Mexican passengers scrambling to find alternatives, but many were baffled by how to get home. The loss of Grupo Mexicana flights eliminated much of the air service to many Mexican cities.