Air Canada and CIBC reach agreement on new Aerogold contract.

0 Comments | M2 Presswire, April, 2003

M2 PRESSWIRE-18 April 2003-AIR CANADA: Air Canada and CIBC reach agreement on new Aerogold contract(C)1994-2003 M2 COMMUNICATIONS LTD RDATE:04172003 MONTREAL - Air Canada announced today that it had reached an agreement with CIBC on a contract renewal with respect to the CIBC Aerogold Visa card program.

The new contract is subject to court approval in the CCAA proceedings. As part of the new contract, CIBC would make a miles prepayment of $350 million to Air Canada and pay the airline a higher price per Aeroplan Mile acquired. The terms of the contract also call for an extension to 2013. "This agreement reaffirms the value of the longstanding relationship between Air Canada and CIBC for both parties and the value of Aeroplanas one of North America's...