Mexican Judge Declares Magnicharters Bankrupt After Airline Halts Flights

Mexico City — A federal judge has formally declared Magnicharters bankrupt, closing a months-long financial collapse that ended with the airline grounded and its operating certificate revoked.

Judge Tessy del Rocío Covarrubias, who heads the First District Court for mercantile insolvency matters in Mexico City, opened the bankruptcy stage at the request of the company’s own representatives, citing articles 20, 43(V), 167(I) and 168 of Mexico’s Mercantile Insolvency Law. She ruled the petition was admissible because the carrier had fallen into a generalized failure to meet its payment obligations.

“The bankruptcy stage is declared open, at the request of the traders in those terms,” the ruling states.

Trustee ordered to seize assets immediately

The judge instructed the court-appointed trustee to begin “immediately” taking possession of the company’s books, papers, documents, electronic storage and data-processing media, cash on hand and all other assets belonging to the bankrupt businesses, whether held by the company itself or by third parties.

She gave the Communications and Transport Department five days to propose a trustee, and ordered the Federal Institute of Insolvency Specialists to name a qualified trustee for each of the companies within five business days. Once appointed, the trustee must notify creditors within three business days and register a local address for the discharge of duties under the insolvency law, then report within five business days the names of any assistants hired.

“Until the appointment of the specialist who will serve as trustee is made, the businesses, their administrators, managers and employees shall bear the obligations the law assigns to depositaries,” the ruling says.

Unpaid wages triggered the collapse

Magnicharters’ financial and labor crisis deepened in December 2025 over unpaid salaries. The dispute drew public attention when a crew member took control of one of the airline’s aircraft in protest at the missing payments.

The company, owned by brothers Luis Augusto, Gabriel and José David Bojórquez Maza, owes an estimated 800 million pesos (about $43 million) to customers, workers and creditors. It separately owes Mexico City International Airport 80 million pesos for services including check-in counters and hangar leases.

Grupo Aéreo Monterrey, the airline’s parent company, announced a total suspension of flights in April, then said weeks later that it had filed a voluntary insolvency petition to restructure its heavy debt.

Magnicharters had operated in Mexico’s tourism market for 30 years and flew a fleet of three aircraft before halting service.

Aviation regulator revoked operating certificate

The bankruptcy ruling follows the cancellation of the airline’s operating certificate by Mexico’s Federal Civil Aviation Agency (AFAC). The regulator confirmed it revoked the air services operator certificate held by Grupo Aéreo Monterrey, S.A. de C.V. on June 29, 2026, after the company’s paperwork failed to show compliance with the required conditions.

AFAC said it respected the company’s right to be heard throughout the process, granting the legal deadlines to submit information and evidence.

The revocation came after the federal government warned Magnicharters in mid-April 2026 that it had to prove financial solvency or lose its concession. AFAC said the decision followed a formal oversight process that began with an extraordinary major inspection carried out between Jan. 12 and Jan. 16, 2026, which uncovered breaches of aviation regulations.

The agency issued requirements for the airline to correct the deficiencies. The company never demonstrated that the corrective actions had been completed, prompting AFAC to order the suspension of Magnicharters’ operations on April 14, 2026, as a precautionary measure to protect operational safety.