Allegro was founded in 1992 by Fernando Padilla. It operated scheduled and charter passenger flights from Cancún, Quintana Roo, and Mexico City to points in the United States, Canada, the Caribbean, Central America and South America. The home base was in Monterrey, Nuevo León.
Allegro operated until 2004 when it was ordered by a Phoenix court to return all aircraft to the lessors.
On 5/14/1996 Allegro flight 401, a chartered DC-9 from Orlando, FL to Cancun, Mexico crashed short of the runway while attempting an emergency landing in Tampico, Mexico. There were no fatalities among the 46 occupants but the plane was damaged beyond repair.