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April 10, 2004 / 10:00 PM

Air Canada bankruptcy protection extended

TORONTO, April 10 (UPI) -- Air Canada's court-ordered bankruptcy protection was extended by more than a month to May 21 to allow more time for the airline to search for new financing.

A judge in Ontario Friday prevented the bankruptcy protection from running out as scheduled Friday.

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The beleaguered airline said it will use the time to develop a process to find new equity or other financing that will enable it to emerge from bankruptcy.

The extension comes after a hectic few days for Air Canada. A week earlier Victor Li said he was pulling out of his offer of a $650-million investment in the airline. Then Wednesday, Calin Rovinescu, the company's chief restructuring officer, resigned.

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Victor Li

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