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Judge approves Air Canada plan

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Published: Aug. 23, 2004 at 8:28 PM

TORONTO, Aug. 23 (UPI) -- Justice James Farley of the Ontario Superior Court Monday approved Air Canada's plan to emerge from bankruptcy protection by the end of September.

"Approval today by the court of Air Canada's restructuring plan is a major milestone in successfully rebuilding Air Canada to compete effectively and benefit all stakeholders," said Robert Milton, the airline's president.

The Canadian Broadcasting Corp. reported creditors will get a few cents for every dollar owed by the airline, but their approval of the plan paved the way for them to get a 45.8 percent interest in ACE Aviation Holdings Inc., the new parent company of Air Canada.

The airline's creditors approved the plan Aug. 17.

Topics: James Farley, Robert Milton
© 2004 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

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