AIR CANADA is still flying after a disturbing 2003 with Hong Kong-based businessman Victor Li securing the leading equity stake after Air Canada”s board chose Li's offer over a bitterly fought rival bid from New York buyout firm Cerberus Capital Management. The move should allow Air Canada to speed up its restructuring and emerge from bankruptcy protection. It faces strong domestic competition from budget carrier WestJet, which continues to turn a profit and gain market share. Just before Christmas the airline announced a major aircraft order equally split between Canadian manufacturer Bombardier and, for the first time, Embraer of Brazil.
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