Strategic Meetings Summit London, 26 September,
September 29 2022, Kimpton Fitzroy London
Friday 30 September 2022, JW Marriott Grosvenor
AIR CANADA is likely to have a new owner. The airline has agreed to accept $650m bail out from Hong Kong-based businessman Victor Li, the son of one of Asia”s richest men, in exchange for a 31% stake in the carrier, a move that will help the Star Alliance airline emerge from bankruptcy protection. However the move has devastated the Air Canada shares, which are now virtually worthless. Mr Li holds Canadian citizenship. He has said he will fund the purchase himself or possibly with the assets of his family, which owns the world's biggest port operator and invests in telecommunications, property and drug stores. Creditors will get a stake of about 56% of the carrier, which has 336 aircraft and 31,000 employees. The agreement is subject to a number of conditions including the future funding of its pension plans and approval by the Ontario court.