AIR CANADA soldiers on in bankruptcy protection with a resurrected white knight, New York buyout firm Cerberus Capital Management, whose original equity offer for the company lost out to Hong Kong-based businessman Victor Li. With Li”s bid failed Cerberus has again taken an interest offering a plan which gives unsecured creditors somewhere between six and nine cents (Canadian) in the Dollar and a financial lifeline. A crucial creditors meeting on 17 August is expected to give the go-ahead which will then need court approval on 23 August in order for Air Canada to come out of administration on 30 September in a restructured form. Future suppliers, investors and Unions still need to harmonize even if the creditors have been sorted out.
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