Cash-strapped Air Canada has cleared the last hurdle in its attempt to avoid a second bankruptcy filing, following the carrier’s last holdout union approval of a new labor contract that contains no raises or pension payments for 21 months. Canada’s main airline, a unit of ACE Aviation Holdings Inc., now has wage and pension agreements with all five of its Canadian unions that will save Air Canada precious cash and more importantly meet the conditions neccesary for getting new financing. “These are extremely challenging times for both the airline industry and credit markets,” said Air Canada chief executive Calin Rovinescu. Rovinescu added that the next step to returning Air Canada to profitability will include a “significant cost-reduction program requiring participation by certain suppliers and stakeholders.”