Bankruptcy judge approves Trinity Time Investments proposal to invest in Air Canada

Airline Industry Information, Dec 9, 2003

AIRLINE INDUSTRY INFORMATION-(C)1997-2003 M2 COMMUNICATIONS LTD

A Canadian bankruptcy judge for Air Canada has reportedly approved a plan by Hong Kong businessman Victor Li to invest CAD650m in the carrier.

Ontario Superior Court Justice James Farley examined the recommendation by the court-appointed monitor Ernst & Young that he approve the offer from Li through Trinity Time Investments. Under the proposal, Trinity would take up a 31% equity stake in a restructured version of the airline.

However, the judge is said to have left the door open for a rival bid by US investment company Cerberus Capital Management.

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