Air Canada Provides Update on Restructuring.

0 Comments | M2 Presswire, April, 2004

M2 PRESSWIRE-9 April 2004-AIR CANADA: Air Canada Provides Update on Restructuring(C)1994-2004 M2 COMMUNICATIONS LTD RDATE:04072004 MONTREAL - Air Canada provides the followingupdate on the airline's restructuring under the Companies' Creditors Arrangement Act: Extension of Stay Order to May 21, 2004 Justice Farley of the Ontario Superior Court of Justice today approved an extension of the stay period granted to Air Canada on April 1, 2003 until May 21, 2004.

The extension will allow the Company, in conjunction with the Monitor and its stakeholders, to develop a process for soliciting new equity or other post-emergence financing. Air Canada expects to return to the Court before May 21 to seek approval of the process. ((M2 Communications Ltd...