Seeker Posted April 22, 2003 Share Posted April 22, 2003 Does anyone have any info about what happened at the hearings today? Link to comment Share on other sites More sharing options...
Seeker Posted April 22, 2003 Author Share Posted April 22, 2003 Air Canada Announces Restructuring Timetable MONTREAL, April 22 /CNW Telbec/ - Air Canada announced today the following anticipated timetable to July 31, 2003 in its restructuring plan, further to today's hearing on various CCAA proceedings before Honourable Justice J. Farley in Ontario Superior Court of Justice. The Court recognized that there is much work ahead to achieve the restructuring of Air Canada and prioritized the more pressing matters, such as approval of financing during the restructuring phase. Justice Farley also approved Air Canada's request, supported by some of its unions, to a standstill on further action impacting its collective agreements until the earlier of May 9, 2003, or two days after the commencement of negotiations between Air Canada, Air Canada Jazz and their respective unions. April 25 - Hearing on approval of General Electric Capital Canada Inc.'s Debtor-in-Possession Financing Facility and the CIBC Aerogold Financing Facility and new commercial agreement, consideration of extension of stay order until June 30, 2003 and postponement of Annual General Meeting of Shareholders April 30 - Commencement of negotiations between Air Canada, Air Canada Jazz, the Court-appointed Monitor and Union leaders respecting labour cost realignment including immediate interim measures Mid-May - Air Canada's Post-Restructuring Business Plan becomes available for key economic stakeholders Late May - Commencement of meetings between Air Canada, Monitor and lessors, lenders, key suppliers and other economic stakeholders. June 30 - Target date for completion of labour restructuring plans including pension program restructuring July 31 - Target date for submission of proposed CCAA Restructuring Plan and CBCA Plan of Arrangement These dates may change depending on events and it is likely there will be several hearings before the Court during this period. -30- Link to comment Share on other sites More sharing options...
dagger Posted April 23, 2003 Share Posted April 23, 2003 http://biz.yahoo.com/rf/030422/airlines_aircanada_1.html Link to comment Share on other sites More sharing options...
Guest q650 Posted April 23, 2003 Share Posted April 23, 2003 That's pretty scary. Link to comment Share on other sites More sharing options...
Guest Fanblade Posted April 23, 2003 Share Posted April 23, 2003 Just out of curiosity, how are they burning through so much cash when none of the bills are being paid? I assume(perhaps incorrectly) that during CCAA the aircraft lease payments are on hold, and that the suppliers are not being paid (this I know for a fact). Would debt servicing costs be in abeyance as well? Kinda makes you wonder doesn't it... Link to comment Share on other sites More sharing options...
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