AIR CANADA has become the latest North American carrier to file for bankruptcy protection as it struggles on with huge debts and falling revenues. The airline said it would continue flying while it reorganises and has arranged for up to USD$700m financing in order to continue flying. In a statement the airline echoed familiar words and said that reorganisation would allow it to emerge as a leaner, more efficient, lower cost airline through savings obtained mainly from aircraft lessors, lenders, bondholders and staffing levels. http://www.aircanada.ca