Mexicana Airlines Files For Bankruptcy Protection

Mexicana Airlines, Mexico's biggest airline, has filed for bankruptcy protection, according to the Associated Press.

The airline failed to reach an agreement with pilots and flight attendants in the face of budget cuts. Mexicana proposed 41% salary cuts for pilots and 39% cuts for flight attendants, as well as a 40% staff reduction.

In a statement on Monday, the airline said that it was filing "to restructure its cost and insure the viability of the company."