As per a Travel Weekly Article:
Mexicana Airlines has taken another hit.
The carrier’s plans to resume service this summer, following its bankruptcy filing last August, appear to be dead in the water, at least for now, due to insufficient funds on the part of the ownership group trying to buy the carrier.
PC Capital was responsible for raising the money to enable the carrier to return to the skies. In a joint statement released Wednesday, Mexico’s labor and transportation departments said that “while PC Capital has developed a business plan to revive Mexicana, it has not named a single investor who could support the acquisition. It has not done its part to identify solvent investors.”