Ernst & Young Provides Thirty-Second Monitor's Report on Air CanadaRestructuring.

0 Comments | M2 Presswire, May, 2005

M2 PRESSWIRE-30 May 2005-AIR CANADA: Ernst & Young Provides Thirty-Second Monitor's Report on Air CanadaRestructuring(C)1994-2005 M2 COMMUNICATIONS LTD RDATE:27052005 MONTREAL - Ernst & Young Inc., the court appointed Monitor during the restructuring of Air Canada under the Companies' Creditors Arrangement Act, has completed its Thirty-Second Report.

It is available at aircanada.com . The Report certifies to the Court that all remaining Disputed Unsecured Claims have been resolved. In a motion that will be heard in Court on Monday May 30th, the Monitor will therefore recommend that the Court authorize it to proceed with the final distribution of shares in accordance with the Plan. The Corporation emerged from CCAA protection on September 30, 2004....