Air Canada Creditors Back Recapitalization Plan | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-04.29.24

Airborne-NextGen-04.30.24

Airborne-Unlimited-05.01.24 Airborne-AffordableFlyers--05.02.24

Airborne-Unlimited-05.03.24

Thu, Aug 19, 2004

Air Canada Creditors Back Recapitalization Plan

Creditors Could Soon Own Most Of Airline

The people to whom Air Canada owes money like it -- a plan to recapitalize the world's eleventh biggest airline. Now, it's up to a Canadian court to decide if that plan -- and the airline -- will fly.

The reason creditors seem so happy with the plan is that it gives them up to 88-percent of the flag carrier. They especially liked it given the alternative. The court-appointed bankruptcy monitor, Ernst & Young, had told them that, should the airline liquidate its assets, they'd probably get nothing at all.

"What choice do we have?" said Jean-Marc Belanger, regional chairman of the Air Canada Pilots Association. He was quoted by Reuters. "What is important is that company will emerge as a stronger company. The alternative is to lose our company."

Air Canada owes its pilots union about $300 million (Canadian). It owes its other creditors up to $10 billion (Canadian). Analysts said they will recover about 10 cents on the dollar through the sale of shares in Air Canada at $20 (Canadian) each.

FMI: www.aircanada.ca

Advertisement

More News

ANN's Daily Aero-Linx (05.02.24)

Aero Linx: Model Aeronautical Association of Australia MAAA clubs are about fun flying, camaraderie and community. For over 75 years, the MAAA has been Australia’s largest fl>[...]

ANN's Daily Aero-Term (05.02.24): Touchdown Zone Lighting

Touchdown Zone Lighting Two rows of transverse light bars located symmetrically about the runway centerline normally at 100 foot intervals. The basic system extends 3,000 feet alon>[...]

Aero-News: Quote of the Day (05.02.24)

“Discovery and innovation are central to our mission at Virgin Galactic. We’re excited to build on our successful record of facilitating scientific experiments in subor>[...]

ANN FAQ: Contributing To Aero-TV

How To Get A Story On Aero-TV News/Feature Programming How do I submit a story idea or lead to Aero-TV? If you would like to submit a story idea or lead, please contact Jim Campbel>[...]

NTSB Final Report: Cirrus Design Corp SR20

Student Pilot Reported That During Rotation, “All Of A Sudden The Back Of The Plane Kicked To The Right..." Analysis: The student pilot reported that during rotation, “>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2024 Web Development & Design by Pauli Systems, LC