Thats pretty scary. I would not want to be in cancun and now have to find a way back. I had to run and check what airline I am flying there in Oct. luckily its AA. I flew Mexicana last trip and I have to say I liked the airline. at least you got a decent meal and drinks in coach. I guess the prices will just go up now that there is less competition.
I would say it was financial. They did file for bankruptcy earlier this month. We almost booked our flight with them, thank goodness we didn't.
My parents and sister both had flights booked through them to Costa Rica and got the bad news a few days ago. Now there scrambling for new flights.