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Thu, Aug 19, 2004

Air Canada Creditors Back Recapitalization Plan

Creditors Could Soon Own Most Of Airline

The people to whom Air Canada owes money like it -- a plan to recapitalize the world's eleventh biggest airline. Now, it's up to a Canadian court to decide if that plan -- and the airline -- will fly.

The reason creditors seem so happy with the plan is that it gives them up to 88-percent of the flag carrier. They especially liked it given the alternative. The court-appointed bankruptcy monitor, Ernst & Young, had told them that, should the airline liquidate its assets, they'd probably get nothing at all.

"What choice do we have?" said Jean-Marc Belanger, regional chairman of the Air Canada Pilots Association. He was quoted by Reuters. "What is important is that company will emerge as a stronger company. The alternative is to lose our company."

Air Canada owes its pilots union about $300 million (Canadian). It owes its other creditors up to $10 billion (Canadian). Analysts said they will recover about 10 cents on the dollar through the sale of shares in Air Canada at $20 (Canadian) each.

FMI: www.aircanada.ca

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