Manufacturing Industry
Canadian Airlines creditors pave way for acquisition
Airline Industry Information, May 29, 2000
AIRLINE INDUSTRY INFORMATION-(C)1997-2000 M2 COMMUNICATIONS LTD
Creditors of Canadian Airlines have paved the way for the finalisation of the carrier's acquisition by former rival carrier Air Canada after they approved a restructuring plan for Canadian Airlines' debt.
The new plan was supported by all of Canadian Airlines' secured creditors and 65% of its unsecured creditors on 26 May. The plan must now be approved by an Alberta court at a hearing due to occur on 5 June.
Other outstanding issues surrounding the merger of Air Canada with Canadian Airlines include labour issues with unions, such as seniority lists amongst the two carriers' employees.
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