Before it stopped flying in 2010 because of financial problems, Mexicana was among the world’s oldest continually operating airlines.
Mexicana began flying in 1921, after carriers like Australia’s Qantas and Colombia’s Avianca.
Mexico’s Federal Judiciary Council said Friday the decision means an administrator will be appointed to start selling off the privately owned company’s assets to repay creditors.
The flight attendants’ union said it will appeal the decision, which follows a torturous four-year bankruptcy proceeding.
MORE HBJ HEADLINES
GE Aviation cutting 7% of engineering workforce Chevron posts $588 million loss in fourth quarter American Airlines beats 4th quarter profit forecasts Xerox reports sales decline, plans to split company Boeing profit at stake as rainmaker 737 MAX takes to skies What to know about Tesla’s secret Model 3