Union Give Cautious Green Light To Air Canada Restructuring | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-07.07.25

Airborne-NextGen-07.08.25

AirborneUnlimited-07.09.25

Airborne-FlightTraining-07.10.25

AirborneUnlimited-07.11.25

Tue, May 04, 2004

Union Give Cautious Green Light To Air Canada Restructuring

Airline Looking For New Investor

Air Canada, mired in gallons of red ink, has gotten a tentative okie-dokie from its largest union to start looking for a new investor -- one who can pump a much-needed $250 million into the cash-strapped airline.

For David Ritchie, head of the Machinists local that serves Air Canada, said he's happy that the airline's search is a no-strings-attached affair. Unlike the last aborted courtship between Air Canada and financial suitor Victor Li. The Hong Kong investor's offer to rescue Air Canada from its money problems expired on Friday.

"I think that's extremely important to all of us in that process," Ritchie said of the new conditions in an interview with the Canadian Press. Under the deal from which Li walked away, the union's 11,500 members would have seen reductions in their pensions. Li's conglomerate said those reductions were crucial to Air Canada's financial survival.

For now, though, it seems the court-appointed bankruptcy monitor watching over Air Canada agrees with the union. The monitor recommends the full court go along with Air Canada's request.

"We're looking for a long-term solution. We're not looking for someone who's going to come in and make a quick buck," said Ritchie.

The airline had hoped to emerge from bankruptcy before the end of 2003. But the plan is still months behind schedule. Canadian Press reports the earliest Air Canada plans to exit bankruptcy proceedings would be September.

FMI: www.aircanada.ca/e-home.html

Advertisement

More News

NTSB Final Report: Aviat A1

Airplane Bounced About 3 Ft Then Touched Back Down And Then, With No Brakes Applied, The Airplane Began Veering To The Left Analysis: The pilot entered the airport traffic pattern >[...]

ANN's Daily Aero-Linx (07.08.25)

Aero Linx: British Microlight Aircraft Association (BMAA) The primary focus within all aviation activity is SAFETY. In all aspects of our sport SAFETY must come first, whether it b>[...]

Classic Aero-TV: Fly Corvair’s Reliable Engine Alternative

From SnF25 (YouTube Edition): William Wynne Builds Practical Aircraft Engines on the Corvair Platform Seeking an affordable alternative to the traditional aircraft engine options, >[...]

ANN FAQ: Contributing To Aero-TV

How To Get A Story On Aero-TV News/Feature Programming How do I submit a story idea or lead to Aero-TV? If you would like to submit a story idea or lead, please contact Jim Campbel>[...]

Classic Aero-TV: CiES Fuel-Quantity and e-Throttle Systems Praised

From 2023 (YouTube Edition): Bridge of CiES CiES Inc. is a Bend, Oregon-based designer and manufacturer of modular embedded aircraft systems and sensors. The company’s fuel-l>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2025 Web Development & Design by Pauli Systems, LC