Manufacturing Industry
Air Canada reveals proposed recovery rates for unsecured creditors
Airline Industry Information, June 30, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Under Air Canada's plans to emerge from bankruptcy protection, creditors will receive just pennies on each dollar they are owed by the airline.
In the plan, the airline expects that the total amount of proven claims against it by unsecured creditors will be CAD10bn to CAD15bn. The recovery rate for unsecured creditors would be a maximum of 9.25 Canadian cents and a minimum of 6.17 Canadian cents for each dollar of proven claim.
Unsecured creditors are scheduled to attend a meeting on 17 August to vote on the plan, Reuters reported.
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