AIR CANADA, one of a number of North American airlines staggering along under bankruptcy protection, looks like surviving the crisis and emerging with what will basically be a clean sheet. Creditors have approved a recapitalisation plan which is to be presented for court approval this week. They will recover around ten Canadian cents on each dollar that they are owed by receiving shares in a new holding company. The alternative was liquidation and virtually nothing. A CA$850m (US$650m) rights offering sponsored by Deutsche Bank will allow the airline to stay in business and hopefully build for the future.
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