It is now certain that the new Mexico airport under construction in Texcoco will remain incomplete.
Mexico president Andres Manuel Lopez Obrador announced plans to scrap the airport, already under construction, during his campaign for president, and a referendum organized by his party sealed the deal after his election. Despite fewer than 1 million people showing up at the polls, the plan for the airport was scrapped and a new plan to open runways at the military base in Santa Lucia was to go forward.
After the vote, there was an outcry from industry giants as well as bondholders, investors and construction workers at the now-defunct Lake Texcoco project.
A resulting dispute arose with bondholders, plunging the value of the peso, but reports confirm that Lopez Obrador has reached an agreement with bondholders, a key hurdle in the quest to dismantle the $13 billion airport project.
In a recent press conference, Lopez Obrador said that the bond deal cleared the way for the development of the nearby military airport Santa Lucia, which will serve as a second airport hub for Mexico City, according to a report in Bloomberg.
The new project will open two runways to civilian traffic at the Santa Lucia military base and upgrade the current airport in the town of Toluca. However, construction is still ongoing at the Texcoco airport while negotiations with creditors continue.
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