The company's three airlines -- Mexicana Airlines, MexicanaClick and MexicanaLink -- stopped all flights at midday August 28, according to a statement from the group.

The group said the decision is a painful one for the 8,000-strong Grupo Mexicana family, but it will continue seeking out ways of securing its long-term financial viability, so passengers can once again enjoy the quality services they are accustomed to.

"We hope to be back in the air soon and would like to thank everyone involved in this process for their support and understanding," says the statement.

Grupo Mexicana said the current management received the company in a state of technical bankruptcy last week after it had filed for insolvency protection. It also cited the fact that the previous management had stopped selling tickets for the airlines a month ago, "forcing the company to continue operating in the interests of passengers without receiving any revenue."

The company advised passengers still holding tickets to consult its website to apply for refunds, or for those traveling Saturday, to contact Grupo Mexicana for assistance.