Air Canada has been operating under court protection from its creditors for more than 17 months. Yesterday, in the Ontario Superior Court of Justice, Justice James Farley signed off on the papers that will get the national airline out of bankruptcy protection on September 30. Bizarrely — even though Air Canada's shares which will be worthless in a few weeks (and the company itself has been saying so for months), someone is still trading the shares on the Toronto Stock Exchange. Shortly before it comes out of its restructuring, those shares will be delisted. Then, a new entity will take Air Canada's place. It will be called ACE Aviation Holdings Inc. — ACE standing for Air Canada Enterprises. ACE will be the holding company whose assets will be the operating units that include Air Canada and its sister airlines like Air Canada Jazz. Shares of ACE will be issued this fall.
I did a story on the latest Air Canada developments for CTV National News. The video link is down the right hand side of the page, under related video.
My Globe and Mail colleague Brent Jang also reported on yesterday's Air Canada developments.
And I still had cold sandwiches on my Vancouver-Shanghai flight yesterday… due to labour disputes with the catering agency's union. After speaking to a few staff from AirCanada, the comments were all the same: “we're safe from bankruptcy, ok, great! But, management hasn't change, it's still same old same old…”
Phil
http://www.photojournaliste.ca
Off-topic, but still somewhat related: Where did Mr. Rovinescu end up going to? In the end, wasn't the Victor Li/Trinity deal a bit better than what the AC unions ultimately ended up getting from the folks from Deutsche Bank?