AIR CANADA CRP A NON VTG
WKN: 895879 / ISIN: CA0089113074Air Canada
| eröffnet am: | 20.01.04 13:16 von: | Optionimist |
| neuester Beitrag: | 02.01.05 13:27 von: | bammie |
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Artikel vom 15.7.04
Mulroney may get Air Canada post
Appointment to board of directors likely, source says
Could be first of several nominations by Cerberus
RICK WESTHEAD
BUSINESS REPORTER
Former Canadian prime minister Brian Mulroney is likely to be named to Air Canada's board when the insolvent carrier emerges from bankruptcy protection later this year, a source says.
Mulroney is an adviser to New York hedge fund Cerberus Capital Management LP, which recently agreed to swap $250 million for a 9.2 per cent interest in cash-strapped Air Canada.
The investment agreement, which calls for Cerberus' stake to appreciate in value to about 12 per cent of the company if Cerberus holds the stake for seven years, gives Cerberus the right to appoint several people to the board of the reorganized airline's holding company, Air Canada Enterprises.
"It's a prudent move because Air Canada is still going to need political cover in the months ahead," a source close to the hedge fund said.
"This airline still needs to get smaller, and it's going to need someone politically connected to make things happen.
"Who's better than (Mulroney)?"
Deutsche Bank AG, which backstopped a sale of $850 million in Air Canada stock to the airline's creditors, also has the right to handpick several members of the reorganized company's board.
Mulroney was travelling in Europe and couldn't be reached for comment yesterday, a spokesperson said.
An Air Canada spokesperson declined to comment.
Mulroney is a member of Cerberus' so-called "bench."
Stephen Feinberg, whose Cerberus takes its name from the mythical three-headed dog guarding the entrance to Hades, likes to hire former chief executives and politicians, including former U.S. vice-president Dan Quayle, to help guide distressed companies in which his firm invests.
Last fall, Cerberus recruited Mulroney to help with its pursuit of a majority stake in Air Canada, but lost out to Asian billionaire Victor Li. The Hong Kong-based financier subsequently dropped his plan to buy an interest in Air Canada.
After serving as Canada's prime minister from 1984 to 1993, Mulroney has carved out a busy niche in private practice.
A senior partner at Montreal law firm Ogilvy Renault, Mulroney has parlayed a network of connections into directorships and advisory positions with a handful of companies.
His directorships include positions at Quebecor Inc., a Montreal-based printing and publishing company; Barrick Gold Corp. of Toronto; New York merchant bank Veronis Suhler Stevenson; and America Online Latin America Inc. He has acted as an adviser to U.S. private equity fund Hicks, Muse, Tate & Furst Inc. on its investments in Europe and Latin America.
Separately, according to a plan of arrangement scheduled to be filed this week, creditors will hold a 45.8 per cent interest in a reorganized Air Canada in exchange for their claims.
Deutsche Bank would get 42 per cent, while Cerberus would have 9.2 per cent. Air Canada chief executive Robert Milton and other top executives would be given stock options for about 3 per cent, and existing shareholders would get a 0.01 per cent share of the company.
Ich hatte es ja befürchtet und jetzt scheint es offiziell: Altaktionäre werden praktisch enteignet durch die Restrukturierung: für 11,894 alte Aktien erhält man 1 neue. Wie das insgesamt für die bei uns gehandelten "nvtg"-Aktien, die ja weniger Wert sind als die "vtg"-Aktien, geregelt wird. kann ich nicht sagen. Aber jetzt wird sich da sicher nichts mehr positiv entwickeln für die Kleinanleger. Hier die Meldung:
Air Canada shares plummet on belated realization of their negligible value
| Tue Jul 20, 4:51 PM ET |
CRAIG WONG
TORONTO (CP) - Shares of Air Canada plunged more than 30 per cent Tuesday as investors finally took to heart management's often repeated message that the airline's common shares will be "virtually worthless" after it completes its restructuring.
Air Canada stock (TSX:AC - news) fell 35 cents to 70 cents on the Toronto stock market as more than 16 million shares traded hands. Holders of Air Canada's current shares will receive one share of the restructured airline for every 11,894 current shares. Once the restructuring is completed, holders of the current shares will hold a total of 0.01 per cent of the new Air Canada.
"I think I'll buy one just to frame and put on my wall," said McGill University professor Karl Moore, who has closely followed the airline's restructuring.
"It's a bit of a mystery why they have a value on the marketplace, but it's something where hope springs eternal and they were looking for a miracle that didn't make a lot of sense."
Ganze Meldung: http://news.yahoo.com/news?tmpl=story&u=/...u/air_canada_shares_2
Gruß BarCode
Mal sehen was die nächsten Tage uns bescheren.
Zustimmung erst im zweiten Anlauf
Air Canada steht vor einem Neubeginn mit frischem Kapital
Von Gerd Braune, Handelsblatt
Als letzte Angestellten-Gruppe der kanadischen Fluggesellschaft haben die Flugbegleiter der Regionalflugtochter Air Canada Jazz einem Abkommen zur Senkung der Lohn- und Arbeitskosten zugestimmt. Jetzt können die Gläubiger am 17. August über den gesamten Restrukturierungsplan abstimmen.
HB MONTREAL. Nach Einschätzung von Air-Canada-Präsident Robert Milton steigen damit die Aussichten, dass die Airline Ende September aus dem seit April 2003 gerichtlich angeordneten Gläubigerschutz-Verfahren heraus kommt.
Erst im zweiten Anlauf hatten die Flugbegleiter von Jazz dem zwischen der Unternehmensführung und der Gewerkschaft Teamster ausgehandelten Abkommen zugestimmt. Mangels Beteiligung war eine erste Abstimmung ohne Ergebnis geblieben; daraufhin war die Abstimmungsfrist gerichtlich verlängert worden.
Mit der Zustimmung aller acht in Air Canada und Air Canada Jazz vertretenen Gewerkschaften zu Kostensenkungen in einer Gesamthöhe von 200 Mill. can- $ ist auch die Voraussetzung für die Neufinanzierung des Unternehmens gegeben. Einher gehen soll dies mit einer Umstrukturierung der Flugzeugflotte.
Air Canada wird über neues Kapital in Höhe von 1,1 Mrd. $ (660 Mill. Euro) verfügen, um auf der neuen Basis aus dem Gläubigerschutz entlassen zu werden. Die Deutsche Bank sichert in einem Garantieabkommen mit maximal 850 Mill. $ die Ausgabe neuer Aktien („Rights Offering“). Dieses Angebot und das weitere Engagement von GE Capital Aviation Services, die unter anderem Leasingverträge für die Flugzeuge finanzieren, war an die Bedingung geknüpft, dass die Betriebskosten von Air Canada deutlich gesenkt werden.
Zudem will die US-amerikanische Investmentfirma Cerberus ACE Investment für 250 Mill. $ Aktien an Air Canada Enterprises erwerben, der künftigen Holding-Gesellschaft der Fluggesellschaft. Air Canada ist Partner der Deutschen Lufthansa im weltweiten Airline- Verbund Star Alliance.
HANDELSBLATT, Montag, 19. Juli 2004, 11:10 Uhr
Tuesday July 20, 12:53 pm ET
MONTREAL, July 20 /CNW Telbec/ - Air Canada today announced an expansion of its network between Canada and Poland. Together with its Star Alliance partner, LOT Polish Airlines, Air Canada has introduced codeshare services that improve air service between the two countries. Effective immediately, Air Canada now offers its customers a choice of flights operated by LOT between Toronto and Warsaw, as well as to seven additional Polish destinations: Gdansk, Krakow, Katowice, Poznan, Wroclaw, Rzeszow and Szczecin.
In addition, Air Canada now serves Poland conveniently from across Canada on a codeshare basis via its European gateway cities, London, Frankfurt and Munich. In turn, LOT now offers codeshare flights operated by Air Canada between London, Frankfurt and Munich to Canada, with connecting Air Canada- operated flights to cities across Canada.
"We are very pleased to extend Air Canada's network to Poland with our Star Alliance partner, LOT Polish Airlines," said Marc Rosenberg, Vice President, Sales and Product Distribution. "The introduction of code share flights with LOT builds on our current transatlantic services from across Canada to our European gateways and provides our customers with increased choice and easy access to all major cities in Poland, one of the European Union's newest members."
Aeroplan members enjoy frequent flyer benefits on these new codeshare flights including accumulation of Miles that count toward top tier status, and for eligible ticket holders, lounge access, priority check-in and baggage service.
Warsaw-based LOT Polish Airlines was founded in 1929. Together with its regional subsidiary EuroLOT, its network covers 48 cities in Europe and beyond, in addition to 12 destinations in Poland. It was recently voted "Best Central and Eastern European Airline" by the readers of British magazine Business Traveller. LOT became a member of Star Alliance in October 2003.
Montréal-based Air Canada provides scheduled and charter air transportation for passengers and cargo to more than 150 destinations on five continents. Canada's flag carrier is the 11th largest commercial airline in the world and serves more than 27 million customers annually. Air Canada is a founding member of Star Alliance providing the world's most comprehensive air transportation network.
Air Canada will not oppose WestJet motion - Will Welcome Explanation of Corporate Espionage by WestJet
Tuesday July 20, 4:40 pm ET
MONTREAL, July 20 /CNW Telbec/ - Air Canada today issued the following statement regarding WestJet's motion for leave to counterclaim against Air Canada:
Air Canada will not oppose a motion on July 22 by WestJet and its former Vice President of Strategic Planning, Mark Hill, for leave to bring counterclaims against Air Canada in the current litigation surrounding the admitted gathering and use by WestJet's management of Air Canada's confidential information.
WestJet's and Mr. Hill's counterclaims are entirely without merit. They are a diversionary tactic designed to deflect attention from WestJet's and Mr. Hill's acts.
Mr. Hill has admitted thus far that he and other management improperly accessed Air Canada's confidential employee website, created software to facilitate and accelerate the gathering of information from the site, and created reports comparing Air Canada's and WestJet's load factors on specific routes, and examined Air Canada's best-performing routes.
Mr. Hill resigned from WestJet last week, several months after being placed on paid leave in the aftermath of it becoming publicly known that he and WestJet had surreptitiously accessed Air Canada's proprietary competitive information.
The Company looks forward to hearing in open court WestJet's explanation for improperly accessing Air Canada's confidential employee website approximately a quarter of a million times over a 12-month period.
Air Canada will vigorously defend itself against the counterclaims and is confident that courts will ultimately decide that WestJet's and Mr. Hill's claims are without merit.
Air Canada Inaugurates First-Ever Non-Stop Service from Toronto to Hong Kong with World's Longest Range Aircraft
Sunday August 1, 11:00 am ET
MONTREAL, Aug. 1 /CNW Telbec/ - With the departure today of flight AC015 en route to Hong Kong from Pearson International Airport, Air Canada inaugurates the first-ever non-stop service between Toronto and Hong Kong. Air Canada is operating the route using its new A340-500 aircraft, the world's longest range airliner. The 15 and a half hour non-stop flight saves travellers more than four and a half hours compared to other carriers' routings.
"With the launch today of the first-ever non-stop service between Toronto and Hong Kong, we are thrilled to offer Air Canada customers the fastest, most convenient link between eastern North America and Hong Kong," said Montie Brewer, Executive Vice President, Commercial. "Our new Airbus A340-500 aircraft, providing the world's longest range capabilities, also showcases Air Canada's on-going commitment to enhance customers' travel experience with the introduction of lie flat seats for our premium customers and state-of-the- art entertainment throughout the entire aircraft. Building on our year-round non-stop services from Toronto to Tokyo and Delhi, our new Hong Kong service strengthens Toronto as an international gateway of choice to Asia."
On board, customers enjoy exciting new amenities in both Executive First and Hospitality Service cabins configured to seat 42 and 225 passengers, respectively. Air Canada has significantly enhanced its premium international product, Executive First, with the introduction of lie-flat seats on its new A340-500 service to Hong Kong. Combined with a generous 63 inch pitch, the ultra-luxurious lie-flat seats provide the ultimate experience in restful long haul flying, with adjustable privacy dividers, lumbar support system and personal large screen monitor offering video on demand.
In addition, Air Canada's Hospitality Service customers enjoy, for the first time, individually controlled video on demand with personal monitors at each seat for a state-of-the-art in-flight entertainment experience using a fully digital audio and video system. The Hospitality Service cabin features fully adjustable seats and headrests in a spacious 2x4x2 layout with 33-inch pitch providing more legroom than other carriers.
Air Canada's new daily non-stop flights from Toronto to Hong Kong complement its daily Vancouver-Hong Kong flights by offering customers the choice and flexibility of two daily flights linking both western and eastern Canada with one of Asia's most important business centres and gateway to southeast Asia. With a 0945 departure from Toronto, flight AC015 is timed to offer convenient morning connections to and from points throughout Air Canada's extensive North American network, particularly in eastern Canada and the United States. The early afternoon arrival in Hong Kong at 1315 the next day ensures connecting options for onward travel throughout Asia. The eastbound flight, AC016, leaves Hong Kong at 1515 and arrives in Toronto at 1835 the same day, providing maximum connecting options.
Air Canada offers customers up to 12 non-stop flights per day in each direction between Canada and nine destinations in Asia. From its main hub in Toronto, the carrier operates daily non-stop flights to Hong Kong, Tokyo and Delhi, the only non-stop link between North America and India. From its Pacific Asian gateway in Vancouver, Air Canada serves Hong Kong, Shanghai, Beijing, Tokyo, Osaka, Nagoya and Seoul with daily non-stop flights, as well as Taipei on a codeshare basis.
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=58060
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=13213
UPDATE - WestJet profit falls sharply as it buys new planes
Tuesday August 3, 4:39 pm ET
By Jeffrey Jones
(Adds analyst comments, updates stock quote)
CALGARY, Alberta, Aug 3 (Reuters) - Second-quarter profit at WestJet Airlines Ltd. (Toronto:WJA.TO - News) was nearly halved as fuel costs and landing fees jumped, Canada's No. 2 carrier said on Tuesday, but the result still beat estimates by a hair.
WestJet, the discount carrier that is battling Air Canada (Toronto:AC.TO - News) in the skies and in the courts, earned C$7.5 million ($5.6 million), or 6 Canadian cents a share, down from year-earlier C$14.7 million, or 13 Canadian cents a share.
That beat by a penny an average estimate among analysts polled by Reuters Estimates.
Revenue rose 25 percent to C$257 million from C$206 million. But a 32 percent rise in fuel costs hit profit.
WestJet's shift of its Eastern Canadian hub to Toronto from Hamilton, Ontario, and a major advertising campaign also contributed to higher costs, it said.
Shares in WestJet rose 25 Canadian cents to C$13.55 on the Toronto Stock Exchange. The stock is down 30 percent in the past six months. Air Canada's shares have fallen 68 percent in the same time.
"I'm naturally very disappointed that we did not achieve better margins," chief executive Clive Beddoe told analysts.
However, he said he was heartened by a slight improvement in yields to offset costs as crude oil prices rocketed to their highest level in at least 21 years.
WestJet has been fighting fare wars with Air Canada, the country's dominant carrier, and no-frills upstarts such as Jetsgo. That has meant several quarters of weak yields.
"Their biggest issue was the overall environment -- the competitive environment and the constant seat-sale mode that the industry is going in," said analyst Nadi Tadros of Desjardins Securities.
The Canadian airline industry operates with 17 percent unused capacity compared with about 7 percent in the United States, where airlines are struggling, Tadros said.
In the quarter, WestJet's yield, or revenue per passenger mile, was flat with last year as costs per available seat mile rose 7.2 percent and capacity ballooned by nearly 29 percent.
WestJet, which is now launching service to U.S. destinations, also said on Tuesday it is buying six additional planes as part of plans to expand and modernize its fleet of Boeing (NYSE:BA - News) 737s over the next two years.
Despite the weak yields due to oil prices and a slew of seat sales, WestJet will have added 12 more fuel-efficient jets in 2004, 15 in 2005 and four in 2006. Deposits for the extra aircraft will total $32 million over the next 12 months.
By adding the 737-700, 800 and now smaller 600-series planes, and retiring old 737-200s, WestJet's capacity will jump by 30 percent, Beddoe said.
"The cost savings and efficiencies that this will bring through interchangeability of crews, parts, engines and training will be significant," he said.
It also puts to rest any talk of WestJet buying regional jets from makers like Bombardier Inc. (Toronto:BBDb.TO - News) and Embraer SA (Sao Paolo:EMBR3.SA - News) for at least two years.
Meanwhile, Beddoe apologized to shareholders and employees for a corporate espionage scandal that prompted Air Canada to file a C$220 million lawsuit and clouded WestJet's prospects.
Air Canada sued WestJet and two of its employees, claiming they used an internal Air Canada Web site thousands of times in 2003 and 2004 to check seat availability on various routes.
Beddoe said he was unaware of former WestJet vice-president Mark Hill's actions. Hill, a WestJet co-founder, resigned this month because of the controversy.
(Additional reporting by Rajiv Sekhri)
($1=$1.33 Canadian)
Reuters
WestJet CEO Sorry for Exec's Behavior
Tuesday August 3, 5:48 pm ET
By Jeffrey Jones
CALGARY, Alberta (Reuters) - WestJet Airlines Ltd.'s (Toronto:WJA.TO - News) chief executive apologized on Tuesday for a former executive's use of Air Canada's proprietary Internet data, the subject of a C$220 million ($167 million) lawsuit clouding WestJet's prospects.
However, one industry analyst said chief executive Clive Beddoe's public apology did not necessarily mean that an out-of-court settlement with Air Canada (Toronto:AC.TO - News) to end the ugly episode was imminent.
In a conference call with analysts to discuss a drop in second-quarter profit, a contrite Beddoe said he and WestJet's board did not condone logging on to an Air Canada Web site to access information on the profitability of its flights.
Air Canada's suit alleges Mark Hill, who resigned last month as WestJet's vice-president of strategic planning, and two of his staff used an internal Air Canada site nearly a quarter of a million times in 2003 and 2004 to check seat availability on routes.
The information would have helped WestJet plan its own routes. Air Canada seeks C$220 million in damages, having raised the amount from C$5 million in July.
"Clearly, I have to take responsibility for this event as I should have known what Mark Hill was doing, and no individual, including myself, should have the latitude to act irresponsibly," Beddoe said.
"Neither I, nor our executive, or our board, condone this sort of activity and consider it to be wholly inappropriate."
He said his airline has set up a whistle-blower policy to help prevent future misdeeds.
But WestJet expects "no material liability" as a result of the suit, he said. Beddoe declined to comment further, citing the litigation before the courts.
"This all tells me that they are taking this very seriously. Air Canada clearly has upped the stakes," independent industry analyst Rick Erickson said.
"Hand-in-hand with poor operational performance, this is why the stock's doing nothing, and that is bad news for the major investor players."
Shares in WestJet rose 25 Canadian cents to C$13.55 on the Toronto Stock Exchange (News - Websites) on Tuesday. The stock is down 30 percent in the past six months.
Erickson said he believes WestJet would prefer to settle the issue to avoid a big blot on its reputation, but the apology does not necessarily mean a deal is in sight.
"I'm not sure we're going to see an early out-of-court settlement on this," he said.
Air Canada officials said they had no comment beyond a July 22 press release to announce the increase in damages the country's biggest airline is seeking. It said it was looking forward to WestJet's explanation of the issue in court.
The move marks the latest twist in a strange and nasty fight between Canada's two largest airlines over accusations of corporate espionage.
WestJet was granted leave by an Ontario court last month to countersue, accusing Air Canada of seizing its private information unlawfully.
That included hiring private investigators to remove Hill's garbage from his Vancouver Island home and a Houston-based firm to piece together shredded documents, WestJet has said.
werden diese Aktie nicht mehr retten, es sei denn es würde bekannt gegeben, dass die Altaktionäre doch nicht enteignet würden durch den Insolvenzplan. Alles andere ist unwesentlich, da es ansonsten wohl im Herbst zur Entwertung der Aktien kommt.
Gruß BarCode
Nein, ich will den Thread akt. nur am laufen halten, habs ja auch auf meiner Watch.
Wieso sprichst du immer von Enteignung?
Soweit ich das richtig gelesen und verstanden habe, gibts für 11,894 alte Aktien 1 neue. Das ist zwar mies, aber ich würde nicht von Enteignung sprechen.
Im nachhinein ist das für die Altaktionäre echt mies, ich pers. bin noch nicht investiert, will lieber erstmal die Restrukturierungsphase abwarten.
Insgesamt gehts aber Schritt für Schritt voran.
greetz
Geb dir dafür 1 US-Dollar. Wenn du das nicht als Enteignung siehst ...
Gruß BarCode
Das ist aber m.E. das gewisse Restrisiko, wenn Firmen im Insolvenzstatus sind.
Man weiß nie was kommt. Ich pers. bin in solchen Dingen immer etwas vorsichtiger, obwohl ich auch spekulativ veranlagt bin.
greetz
Air Canada Launches Web Check-in for Flights; First Canadian Carrier to Offer Convenient Online Service
Wednesday August 4, 6:00 am ET
MONTREAL, Aug. 4 /CNW Telbec/ - Air Canada today made checking-in for flights even easier for its customers with the launch of web check-in at www.aircanada.com . Effective immediately, Air Canada customers travelling on Rapidair flights between Toronto, Montreal and Ottawa with carry-on baggage only can check-in and print boarding passes from the convenience of their home or office. During the coming months, Air Canada will expand web check-in to include all its flights network wide, as well as for customers with baggage requiring check-in.
Air Canada thus becomes the first Canadian air carrier to introduce this time saving feature for air travellers. By simply logging on to www.aircanada.com, Air Canada customers will be able to enter their Aeroplan number or credit card used to purchase the ticket, select their seats and print out their boarding card - all before arriving at the airport. Eligible ticket holders may also standby for an earlier flight and request upgrades to Executive Class. Web check-in is available within 12 hours, and up to at least one hour, before a flight to give enough time for customers to arrive at the airport, proceed directly to security screening and make their way to the departure gate.
"With web check-in, Air Canada is continuing its use of technology to enhance our customers' experience by simplifying air travel and saving valuable time," said Steve Smith, Senior Vice President, Customer Experience. "Air Canada is the first Canadian airline to provide web check-in, and this is consistent with our strategy to continue leading the industry with customer- driven innovations that make air travel both simple and satisfying."
The introduction of web check-in follows other recent innovations by Air Canada that enhance air travellers' experience by putting more control in customers' hands through automation. Over the past year, the carrier became the first full service airline in North America to introduce everyday low, simplified online fares across its Canada and U.S. network. Since then, it has launched a discounted Latitude Pass that provides customers with savings and flexibility to self manage frequent air travel using pre-purchased credits in a personalized online Flight Wallet.
Air Canada is also the first airline in Canada to provide Internet self service podiums at major airports across Canada. With free access to www.aircanada.com, the podiums offer customers easy access to make bookings, change itineraries and select a growing array of Air Canada's self service products. Since becoming the first airline in Canada to offer customers the convenience of Express Check-in Kiosks in 1998, Air Canada's popular self service check-in kiosks have grown to number more than 160 in major airports across Canada and at New York's LaGuardia airport, and they will continue to be enhanced with more time saving features that meet customers' needs.
§ Note to photo editors: A high resolution image of the web page prompt to
§ print a boarding card may be downloaded at:
§ http://www.aircanada.ca/about-us/media/facts/logo.html(number sign)checkin
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=87473
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=13213
Guckst du Posting #88. Verlust war noch erträglich, aber ärgerlich. Bin bei o,22 glaub ich raus. Gegen heute natürlich Glück!
Gruß BarCode
Air Canada Provides Update on Restructuring
Tuesday August 10, 3:40 pm ET
MONTREAL, Aug. 10 /CNW Telbec/ - Air Canada provides the following update on the status of restructuring claims under the Companies' Creditors Arrangement Act (CCAA):
§ All Restructuring Claims Filed by Labour Unions Now Resolved
§ --------------------------------------------------
Air Canada said today that the last of the restructuring claims filed by its unions has now been resolved. In proceedings before the Superior Court of Justice yesterday, the Air Canada Pilots Association (ACPA) accepted the determination of the Claims Officer and agreed to withdraw their pending appeal. The Court also dismissed an appeal by the Canadian Union of Public Employees (CUPE), representing the airline's flight attendants, of the determination of its claim by the Claims Officer.
Ernst & Young Inc., the Monitor in the CCAA proceedings, has provided Air Canada with the following status report regarding outstanding and accepted claims in the CCAA process:
§ Claims Accepted or Determined assuming no appeals from Court decisions
§ are granted: $7,477.5 million
§ Total Disputed Claims: $1,460.5 million
§ Portion of Disputed Claims Allowed in Part: $519.9 million
§ MINIMUM POTENTIAL CLAIMS: $7,997.4 million
§ (Assumes all disputed claims resolved at amount allowed by Air Canada and
§ the Monitor)
§ MAXIMUM POTENTIAL CLAIMS: $8,937.9 million
§ (Assumes all disputed claims resolved at amount claimed by disputing
§ creditors)
It should be noted that the Total Disputed Claims amount reported does not include claims for approximately $2,244 million which have been determined by final order of the Court to be $124 million and from which leave to appeal has been sought or where the time for seeking leave to appeal (21 days) has not yet expired.
The Corporation intends to emerge from CCAA protection on September 30, 2004 following a creditor vote to be held on August 17, 2004. Air Canada will post a more detailed update on the status of claims on its website www.aircanada.ca/notice and on the website of its counsel at www.stikeman.com/ac .
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=48435
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=13213
For further information
--------------------------------------------------
Source: AIR CANADA; AIR CANADA - CORPORATE - FINANCIAL
@falke: Jetzt ist ein guter Zeitpunkt für Dein Einstieg, aber nicht das du wieder hinterher schimpfst *g*
Der Trend zeigt weiter Richtung Süden, MACD zeigt ein positives Signal, sollte also bald sein Boden finden. Mit weiteren kräftigen Abschlägen würde ich pers. nicht mehr rechnen.
Financial News
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Press Release Source: AIR CANADA; AIR CANADA - CORPORATE - FINANCIAL
Air Canada Announces Board of Directors of ACE Aviation Holdings Inc.
Thursday August 12, 1:15 pm ET
New Directors take office upon the Corporation's exit from CCAA protection
MONTREAL, Aug. 12 /CNW Telbec/ - Air Canada today announced the names of the individuals who will comprise the Boards of Directors of ACE Aviation Holdings Inc. and Air Canada following its emergence from CCAA protection on September 30, 2004. ACE is the parent holding company under which Air Canada and its subsidiaries will be held. The new Boards of ACE and Air Canada will take office on the Implementation Date of the Restructuring Plan, currently scheduled for October 1, 2004.
As indicated in the materials mailed to creditors of Air Canada on July 15, 2004, the members of the ACE Board and the three members of the Air Canada Board would be identified before the August 17, 2004 meeting. Pursuant to a May 4, 2004 court order, Ernst & Young Inc., the Monitor in the CCAA proceedings, working with SpencerStuart, the global executive search firm and Air Canada, directed a process to select candidates for board membership. Stakeholders were consulted.
"I am pleased to welcome this distinguished group of individuals to our new boards," said Robert Milton, President and CEO of Air Canada. "The ability to attract a board of this high calibre representing broad experience across all sectors on a global basis signals yet another vote of confidence in Air Canada's business plan and the airline's prospects going forward. Air Canada's stakeholders, including our customers can be assured their interests will be well served by this group of talented, independent-minded individuals."
The new Board of ACE consists of 11 directors as follows:
§ Bernard Attali
§ Senior Advisor, Orrick Herrigton and Sutcliffe, Paris, France
Mr. Attali, a former Chairman and CEO of Air France, has an extensive background in the aviation and aerospace industry and is currently country advisor (France) to the Texas Pacific Group and Chairman of the Paris Ile de France Regional Development Agency. He has held executive positions with several financial institutions and he is now a director of Samsonite Corporation.
§ Robert E. Brown
§ President & Chief Executive Officer, CAE Inc., Montréal, Québec.
Mr. Brown who is now a director of Air Canada is also the outgoing Chairman, a position he has held since May 2003. Previously he was President and CEO of Bombardier Inc. and held various senior positions with the federal government of Canada prior to his joining Bombardier. He is currently a director of Nortel Networks Corporation, Vanguard Response Systems and Lyrtech Inc.
§ Michael Green
§ President, Cerberus Operations, New York, New York
In his current role Mr. Green is responsible for analysis and evaluation of selected investment opportunities, as well as coordinating the efforts of Cerberus's executive management team. Mr. Green has a multi-industry operations background in aerospace, transportation, telecommunications and software systems. He is a director of Teleglobe, SSA Global Software, General Fiber Communications and Sports Brands International (Fila).
§ George Hamilton
§ Chief Executive Officer, Global Home Products, LLC, New Albany, Ohio
Mr. Hamilton has served as President and CEO of several multi-national consumer goods companies including Rubbermaid Europe s.a., Lee Rowan Company and Anchor Hocking Specialty Glass. Mr. Hamilton is now a director of Airway Industries Inc., Formica Corp., and SLI Corp.
§ W. Brett Ingersoll
§ Managing Director, Cerberus Capital Management L.P., New York, New York
Mr. Ingersoll is a senior member of the private equity activity and a member of the Investment Committee within Cerberus. Previously Mr. Ingersoll was a Partner at JPMorgan Partners where he focused primarily on private equity and restructuring situations in various industries including healthcare, branded food products and distribution, consumer products, specialty insurance and outsourced business services. He currently serves as a director of various private companies.
Pierre Marc Johnson, Counsel, Heenan Blaikie, Montréal, Québec
Mr. Johnson, who is now a director of Air Canada, practices international commercial law. During his distinguished career in public office, he was Premier of Québec and a Leader of the Opposition in Québec. Mr. Johnson is currently Chairman of the Board of Celmed Biosciences and is a director of St Lawrence Cement Group Inc. and Vincor International Inc.
Frank J. McKenna, Counsel, McInnes Cooper, Moncton, New Brunswick
Mr. McKenna is a former Premier of New Brunswick. He is now Chairman of CanWest Global Communications Corporation and is a director of the Bank of Montreal, Barrett Corporation, the Carlyle Group Canadian Advisory Board, FNX Mining Company, Inc., General Motors of Canada, Marsh Canada Ltd., Noranda, Inc., Major Drilling Group International, Shoppers Drug Mart, United Parcel Service and Zenon Environmental Inc.
Robert A. Milton, President and CEO, Air Canada, Montréal, Québec
Mr. Milton has been President and Chief Executive Officer and a director of Air Canada since August 1999. Prior to joining Air Canada in 1992, he was a founding partner in Air Eagle Holdings Inc. and an independent commercial aviation consultant to British Aerospace.
John T. McLennan, Corporate Director, Mahone Bay, Nova Scotia
Mr. McLennan was previously Vice-Chairman and CEO of Allstream (formerly AT&T Canada) which followed extensive senior executive experience with a number of national telephone companies. Mr. McLennan is currently a director of Amdocs Limited, Canada Health Infoway, Hummingbird Ltd, Manitoba Telecom, Medisys Health Group and Platform Computing.
David I. Richardson, Financial Consultant, Toronto, Ontario
Mr. Richardson is a former Chairman of Ernst & Young Inc. and was National Managing Partner of Ernst &Young's Corporate Finance practice and the senior partner in the Corporate Recovery and Restructuring practice.
Marvin Yontef, Senior Partner, Stikeman, Elliott, Toronto, Ontario
Mr. Yontef acted as lead corporate counsel for Air Canada in its restructuring. As a senior partner in Stikeman Elliott's Corporate Group in Toronto, Mr. Yontef has been counsel in a wide range of commercial activities including mergers and acquisitions, corporate finance, banking and project finance, securities offerings, corporate reorganizations and restructurings. He is a director of Canadian Mini-Warehouse Properties Limited and the Canadian Opera Company.
The new Board of Air Canada will be comprised of Robert Milton, David Richardson and Marvin Yontef. As indicated in the materials mailed to creditors, the Boards of ACE and Air Canada are expected to establish new corporate governance guidelines. Such guidelines may result in additional changes to the membership of the Air Canada Board.
The new Boards of Directors for ACE and Air Canada will take office pursuant to the Restructuring Plan. In accordance with the Plan, current Air Canada directors will cease to act on the Implementation Date of the Plan immediately before the new boards take office.
The directors of ACE and Air Canada will hold office until their next respective annual meetings or until their successors are appointed.
The Corporation plans to emerge from CCAA protection on September 30, 2004 following a creditor vote to be held on August 17, 2004 and a court sanction hearing scheduled for August 23, 2004.
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=48435
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=13213
For further information
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Source: AIR CANADA; AIR CANADA - CORPORATE - FINANCIAL
Air Canada selects board members for new company
Thursday August 12, 3:08 pm ET
MONTREAL, Aug 12 (Reuters) - Air Canada(Toronto:AC.TO - News) said on Thursday it had selected board members for the new holding company under which the world's No. 11 airline will operate once it emerges from bankruptcy protection in October.
Air Canada president and chief executive Robert Milton will stay as a board member, along with former Quebec premier Pierre Marc Johnson and former Bombardier Inc. head Robert Brown.
Brown, president and chief executive officer of CAE Inc.(Toronto:CAE.TO - News) and also director of Nortel Networks Corp. (Toronto:NT.TO - News), will leave his role as Air Canada chairman. The board will elect a new chairman when it takes office on Oct 1, Air Canada said.
Cerberus Capital Management L.P., the New York-based investment firm which bought a 9 percent stake in the airline, will have two of its top executives on the board: managing director Brett Ingersoll and Cerberus Operations president Michael Green.
The board of ACE Aviation Holdings Inc., Air Canada's new holding company, will also include former Air France chairman and chief executive Bernard Attali, former Ernst & Young chairman David Richardson and former New Brunswick premier Frank McKenna.
Others joining the board are George Hamilton, chief executive of Global Home Products LLC; and John McLennan, former vice-chairman of Allstream.
Air Canada's lead corporate counsel and senior partner at Stikeman Elliott, Marvin Yontef, will also sit on the new board.
($1=$1.33 Canadian)
Air Canada Creditors Approve Plan of Arrangement by Overwhelming Majority
Tuesday August 17, 12:35 pm ET
MONTREAL, Aug. 17 /CNW Telbec/ - Air Canada announced that its creditors today voted by an overwhelming margin to approve its Plan of Arrangement pursuant to its restructuring under CCAA.
At a Creditors Meeting held earlier in Montreal, the Resolution to approve the Plan was accepted by 99.6 per cent in number of Affected Unsecured Creditors representing 99.8 per cent, or $5.7 billion in value of the voting claims of creditors voting at the meeting.
"The strong support for Air Canada's Restructuring Plan received from creditors today is appreciated," said Robert Milton, President and CEO. "This positive response from creditors represents by far the most critical vote of confidence in the strength of our business plan and the airline's prospects going forward. With the creditors' overwhelming approval of the Plan, this crucial milestone of our restructuring is now behind us and we look forward to the Plan's approval by the court and the completion of our restructuring at the end of September."
The Corporation plans to emerge from CCAA protection on September 30, 2004 following a court sanction hearing scheduled for August 23, 2004.
Reuters
UPDATE - Air Canada creditors agree to let airline fly
Tuesday August 17, 12:53 pm ET
(Adds details, background, share price)
MONTREAL, Aug 17 (Reuters) - Air Canada (Toronto:AC.TO - News) creditors approved a recapitalization plan on Tuesday that will allow the world's 11th largest airline to emerge from bankruptcy protection with a clean balance sheet.
Unsecured creditors voted 99.6 percent in favor of the plan, which Air Canada will present next week for court approval, the airline said after a creditor meeting in Montreal.
"This positive response from creditors represents is by far the most critical vote of confidence in the strength or our business plan and the airline's prospects going forward," Air Canada president and chief executive Robert Milton said in a release.
Creditors will recover around 10 Canadian cents on each dollar that they are owed by receiving shares in the restructured airline's new holding company, ACE Aviation Holdings Inc. The new shares will be issued at a face value of C$20 each.
Creditors could end up owning up to 88 percent of ACE if they agree to buy more shares at a discount under a C$850 million rights offering sponsored by Deutsche Bank AG.
The result of the creditor vote was largely expected because Air Canada's monitor had warned that creditors would most likely recover nothing if the airline was pushed into liquidation.
"What choice do we have?" said Jean-Marc Belanger, regional chairman of Air Canada Pilots Association, which is owned some C$300 million by Air Canada, after voting in favor of the plan.
"What is important is that company will emerge as a stronger company. The alternative is to lose our company," he said.
As for current Air Canada shareholders, their shares will be worth close to nothing once the company converts and cancels them when it emerges from bankruptcy bankruptcy protection.
Air Canada's existing shares fell 2 Canadian cents, or 5 percent, to 34.5 Canadian cents on the Toronto Stock Exchange (News - Websites) on Tuesday.
($1=$1.31 Canadian)
Press Release Source: TSX Reviews and Suspensions; Toronto Stock Exchange; TSX Corporate Announcements
TSX Reviewing Air Canada (AC, AC.A)
Wednesday August 18, 8:57 am ET
TORONTO, Aug. 18 /CNW/ - Toronto Stock Exchange is reviewing the common shares (Symbol: AC) and the Class A Non-Voting Shares (Symbol: AC.A) of Air Canada with respect to meeting the requirements for continued listing. The company is being reviewed on an expedited basis.
Reuters
Air Canada Stock Plunges on Review
Wednesday August 18, 10:31 am ET
MONTREAL (Reuters) - Shares of Air Canada (Toronto:AC.TO - News) fell by more than half on Wednesday, after the Toronto Stock Exchange (News - Websites) said it was reviewing the company's stock to determine if it meets listing requirements.
The exchange said it is reviewing Air Canada's common shares and class A nonvoting shares on an expedited basis.
Air Canada's common shares tumbled 15 Canadian cents or 50.85 percent to 14.5 Canadian cents shortly after the opening on Wednesday, before clawing back to 19 Canadian cents. Volume of more than 9 million shares made it the top traded stock early in the session.
On Tuesday, Air Canada's creditors approved the airline's restructuring plan, which if approved by the court overseeing its bankruptcy protection process, would reduce the value of its current common stock to nearly nil.
Under the plan, creditors could end up owning as much as 88 percent of its airline, but its current common shares will have no value. Expectations are that on court approval of the restructuring plan, Air Canada's current stock will be eliminated and delisted from the Toronto exchange.
($1=$1.31 Canadian)
Court Approves Air Canada Restructuring Plan
Monday August 23, 1:02 pm ET
MONTREAL, Aug. 23 /CNW Telbec/ - In a decision issued today, Mr. Justice James Farley of the Ontario Superior Court approved Air Canada's Plan of Arrangement pursuant to its restructuring under CCAA.
The issuance today by the Court of the Confirmation Order sanctioning the Plan of Arrangement follows the approval of the Plan by an overwhelming majority of Air Canada's creditors on August 17th.
"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, President and CEO. "We look forward to the completion of our restructuring by the end of September and moving forward with the implementation of our business plan to build a strong Air Canada."
The Corporation plans to emerge from CCAA protection on September 30, 2004.
Reuters
UPDATE - CIBC sells Air Canada debt, to make Q4 gain
Monday August 23, 1:36 pm ET
(Updates with details)
TORONTO, Aug 23 (Reuters) - Canadian Imperial Bank of Commerce (Toronto:CM.TO - News) said on Monday it has agreed to sell a large portion of its Air Canada (Toronto:AC.TO - News) debt to a third party, and that an Ontario court granted it the right to acquire voting shares of the restructured airline.
CIBC, one of Canada's biggest banks, said substantially all of CIBC's proven claims as an unsecured creditor of Air Canada will be sold to a third party.
The bank did not disclose who the third party was, but said it will record a pretax gain of C$52 million ($40 million) from the Air Canada transaction, which will be recorded in the fourth quarter.
An Ontario court approved Montreal-based Air Canada's plan of arrangement with creditors on Monday, clearing the way for the world's 11th largest airline to emerge from bankruptcy protection at the end of next month.
More than 99 percent of unsecured creditors approved the plan last week, even though they will get only pennies on the dollar for their claim.
CIBC also said on Monday that it had obtained rights to acquire voting shares of ACE Aviation Holdings Inc., which will become the parent holding company of Air Canada when the airline emerges from its 18-month long reorganization.
But, CIBC has not assigned any of its rights, which are exercisable on Aug. 27. The rights entitle CIBC to acquire between 3.4 million and 3.8 million voting shares of ACE at C$20 a share.
If CIBC exercises all its rights, it would own more than 10 percent of the outstanding voting shares of ACE, but less than 4 percent of ACE's total equity.
The bank said it will hold any ACE voting shares "solely for investment purposes and not for the purpose of influencing the control or direction of ACE."
"CIBC does not intend to acquire ownership of, or control over, additional securities of ACE other than those that may be acquired by it upon implementation of the (Air Canada reorganization) plan."
CIBC shares were up 5 Canadian cents at C$65 on the Toronto Stock Exchange. Air Canada stock, which the airline says will be virtually worthless after the restructuring, was down 5 Canadian at 16.5 Canadian cents.
($1=1.31 Canadian)
Tuesday August 24, 9:09 am ET
TORONTO, Aug. 24 /CNW/ - The common shares (Symbol: AC) and the Class A Non-Voting Shares (Symbol: AC.A) of Air Canada will be suspended from trading effective at 5:01 p.m. on Wednesday, August 25, 2004 for failure to meet the continued listing requirements of Toronto Stock Exchange.
Reuters
Toronto Stock Exchange to suspend Air Canada shares
Tuesday August 24, 9:20 am ET
TORONTO, Aug 24 (Reuters) - The Toronto Stock Exchange said on Tuesday it will suspend Air Canada's (Toronto:AC.TO - News) shares for failing to meet listing requirements, in a widely expected move that comes after the airline was cleared to emerge from bankruptcy protection.
The exchange said the suspension of Air Canada's common shares and class A nonvoting shares will take effect after markets close on Wednesday.
On Monday, a Canadian court approved the airline's plan of arrangement with its creditors which allows the airline to come out of bankruptcy protection next month.
MONTREAL, Sept 23 (Reuters) - Shares of ACE Aviation Holdings Inc., the new holding company for Air Canada, will begin trading on Oct. 4, the company said on Thursday.
The world's 11th largest airline canceled its old shares as part of its restructuring under bankruptcy protection from which it will emerge on Sept. 30.
The new voting shares will trade on the Toronto Stock Exchange under the symbol ACE.B, Air Canada said.
so endlich kommt mal Bewegegung in die Bude, die alte wkn scheint gelöscht worden zu sein, bzw. in Deutschland generell gelöscht. Bei comdirect finde ich keine deutschen Börsen mehr.
AIR CANADA Aktie 0,06 CAD +20,00% 25.08.04 22:56 Toronto
AIR CANADA CL A NV Aktie 0,05 CAD +25,00% 25.08.04 22:13 Toronto
AIR CANADA CRP A NON.. Aktie 0,009 USD -30,77% 23.09.04 21:59 NASDAQ OTC
AIR CANADA INC Aktie 0,001 USD +0,00% 08.09.04 23:21 Nasdaq Other OTC

