AIR CANADA continues with its problems after Air Canada's court-ordered bankruptcy protection was extended by more than a month to 21 May to allow more time for the airline to search for new financing. A judge in Ontario has prevented the bankruptcy protection from running out as scheduled. In the meantime the beleaguered airline will continue to search around for a white knight in order for it to stay in business. This comes after Victor Li, a Hong Kong-based businessman said he was pulling out of his offer of a CAD650m investment in the carrier. Earlier this year he was engaged in a bitter battle with New York buyout firm Cerberus Capital for control of the airline.