The Wall Steeet Journal is reporting that an investment group may acquire the assets of Mexicana, which ceased operations in August 2010, and bring the airline back to life.

Apparently $300 million is what it’ll take to get the airline back in the skies, with an initial handful of planes and a target launch date of April (good luck with that…) and plans to have over 40 aircraft flying by the end of the year.

This all strikes me as quite speculative at this point, there’s not yet agreement on a write down of previous debt and claims that the airline “has the pilots, flight attendants and ground staff ready to start working” strike me as implausible (not to mention that it could secure gates and slots in two months’ time).

However the idea that Mexicana could eventually return is certainly within the realm of possibility. The airline is still listed as a member of oneworld (for that matter, so is defunct carrier Malev). That linkage alone, if retained, has real value going forward.

My big question, of course, is would I get my Frecuenta miles back?