Air Canada Provides Restructuring Update
Air Canada advises that the Tenth
Report of the Monitor, a comprehensive update on the substantial progress made
in airline`s restructuring under the Companies` Creditors Arrangement Act
(CCAA), has been completed by Ernst and Young Inc. and will be available this
evening at www.aircanada.com .
The report includes an update on the following:
a) The equity solicitation process;
b) The Amex Card Partner Agreement;
c) Pension matters;
d) The status of discussions with labour unions;
e) Negotiations with aircraft lessors;
f) An agreement with respect to aircraft leases involving lenders
supported by Export Credit Agencies;
g) The General Electric Capital Aviation Services (GECAS)
aircraft/financing agreement;
h) Repudiation of property leases;
i) Restructuring of other contractual commitments;
j) Product distribution systems;
k) Operating results;
l) Cash flow projections to December 12, 2003;
m) Estimated obligations of the Company arising subsequent to April 1,
2003;
n) Operating agreement with Lufthansa;
o) Claims process;
p) The Unsecured Creditor Committee;
q) Progress in the development of the restructuring plan;
r) Directors and Officers liability insurance coverage;
s) Ancillary proceedings under Section 304 of the US Bankruptcy Code;
and
t) Extension of the stay of proceedings.
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