本文发表在 rolia.net 枫下论坛4:51pm ET (Reuters)
By Charles Grandmont
MONTREAL, Sept 12 (Reuters) - Air Canada asked the judge in charge of its restructuring on Friday to set Nov. 15 as the deadline for all its creditors to submit their claims, paving the way for a swift exit from bankruptcy protection by year's end, court documents showed.
Air Canada, the country's dominant carrier and world No. 11, could face up to C$9 billion ($6.6 billion) of unsecured claims. But the Montreal-based carrier has said it has no cash to pay its creditors and will instead offer them stock in the restructured airline.
The settlement of claims would be the last step in Air Canada's restructuring, which started when the company went into bankruptcy protection on April 1. The airline has already obtained concessions from its employees and aircraft lessors so it can reduce its fleet and its operating costs.
Some of Air Canada unions said they wanted to submit claims for the concessions they have made to Air Canada in the past months. The unions have agreed to C$1.1 billion in wage cutbacks and to nearly 10,000 layoffs, a quarter of the airline's total work force.
"It's one option we are looking at," said Air Canada Pilots Association spokesman Serge Beaulieu.
Air Canada will also receive a bid next week from investors interested taking a stake in the company, a deal closely watched by the creditors because it will have a direct impact on how much of the company is left for them.
Air Canada has never said how big a stake in the company it would try to sell as equity in exchange for the C$700 million it is seeking.
Speculations among bondholders went as a far suggesting the airline could sell 80 percent of its equity for C$700 million, leaving only 20 percent, or C$175 million worth of stock, to settle billions of dollars of creditor claims. Such a scenario would drive the price of Air Canada bonds to mere cents.
As for current shareholders, Air Canada said they will be effectively wiped out because old shares would be canceled or massively diluted by new shares issued to new equity investors or current debtholders.
Air Canada stock closed at C$1.33 on Friday on the Toronto Stock Exchange. It crashed as low as 69 Canadian cents after Air Canada went into bankruptcy protection, but speculative trading has pushed it back up. The stock peaked at more the C$20 three years ago.更多精彩文章及讨论，请光临枫下论坛 rolia.net
By Charles Grandmont
MONTREAL, Sept 12 (Reuters) - Air Canada asked the judge in charge of its restructuring on Friday to set Nov. 15 as the deadline for all its creditors to submit their claims, paving the way for a swift exit from bankruptcy protection by year's end, court documents showed.
Air Canada, the country's dominant carrier and world No. 11, could face up to C$9 billion ($6.6 billion) of unsecured claims. But the Montreal-based carrier has said it has no cash to pay its creditors and will instead offer them stock in the restructured airline.
The settlement of claims would be the last step in Air Canada's restructuring, which started when the company went into bankruptcy protection on April 1. The airline has already obtained concessions from its employees and aircraft lessors so it can reduce its fleet and its operating costs.
Some of Air Canada unions said they wanted to submit claims for the concessions they have made to Air Canada in the past months. The unions have agreed to C$1.1 billion in wage cutbacks and to nearly 10,000 layoffs, a quarter of the airline's total work force.
"It's one option we are looking at," said Air Canada Pilots Association spokesman Serge Beaulieu.
Air Canada will also receive a bid next week from investors interested taking a stake in the company, a deal closely watched by the creditors because it will have a direct impact on how much of the company is left for them.
Air Canada has never said how big a stake in the company it would try to sell as equity in exchange for the C$700 million it is seeking.
Speculations among bondholders went as a far suggesting the airline could sell 80 percent of its equity for C$700 million, leaving only 20 percent, or C$175 million worth of stock, to settle billions of dollars of creditor claims. Such a scenario would drive the price of Air Canada bonds to mere cents.
As for current shareholders, Air Canada said they will be effectively wiped out because old shares would be canceled or massively diluted by new shares issued to new equity investors or current debtholders.
Air Canada stock closed at C$1.33 on Friday on the Toronto Stock Exchange. It crashed as low as 69 Canadian cents after Air Canada went into bankruptcy protection, but speculative trading has pushed it back up. The stock peaked at more the C$20 three years ago.更多精彩文章及讨论，请光临枫下论坛 rolia.net