Air Canada, which has been working its way out of a liquidity crisis that was threatening to push the company into bankruptcy proceedings for the second time since 2003, has raised more than one billion Canadian dollars (US$923 million) in new financing. Canada’s largest airline, a unit of ACE Aviation Holdings, was under the gun to raise at least C$600 million in order for new concessionary labor contracts with five Canadian unions to go into effect. The new contracts will hold … [Read more...] about AMERICAS: Air Canada raises C$1 billion in financing
ACE Aviation Holdings
Shake-up at Air Canada with new CEO
Stung by a C$1.03 billion ($824.3 million) loss in 2008 and the pending dissolution of parent company ACE Aviation Holdings, Air Canada surprised the market with the announcement it was undertaking a major restructuring that includes the resignation of president and CEO Montie Brewer. Brewer, who joined AC as an executive VP in 2002 and was elevated to the top job in 2004, will be succeeded by Calin Rovinescu. Rovinescu served as executive VP-corporate development and strategy at AC between 2000 … [Read more...] about Shake-up at Air Canada with new CEO
