Manufacturing Industry
Air Canada emerges from bankruptcy
Airline Industry Information, Oct 1, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Air Canada has emerged from bankruptcy after 18 months with a reduced debt and lower costs following a radical restructure.
President and CEO Robert Milton said in a message to employees that the airline's debt had been reduced to CAD5bn from CAD13bn thanks to employee sacrifice and the help of the airline's aircraft lessors and suppliers.
The airline's annual operating costs have also been reduced to CAD2bn. Air Canada is set to be re-launched on the Canadian stock exchange on Monday 4 October 2004 with creditors holding the bulk of new shares, reports Reuters.
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