Manufacturing Industry
Air Canada requests court approval of bailout package
Airline Industry Information, Nov 26, 2003
AIRLINE INDUSTRY INFORMATION-(C)1997-2003 M2 COMMUNICATIONS LTD
Air Canada has reportedly requested court approval for its USD831m bailout package from Hong Kong businessman, Victor T.K. Li of Cheung Kong Ltd.
Li's investment under the name Trinity Time Investments would include USD491m in an equity deal and another USD340m from a rights offering to be backed by Deutsche Bank. The offer would provide Li - a Canadian citizen - with a 31% stake in the restructured airline.
The airline selected Li's offer over a competing bid from New York investment fund Cerberus Capital Management LP, according to The Associated Press.
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