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Air Canada asks creditors to make claims by Nov 15

本文发表在 rolia.net 枫下论坛4:51pm ET (Reuters)


By Charles Grandmont

MONTREAL, Sept 12 (Reuters) - Air Canada asked the judge in charge of its restructuring on Friday to set Nov. 15 as the deadline for all its creditors to submit their claims, paving the way for a swift exit from bankruptcy protection by year's end, court documents showed.

Air Canada, the country's dominant carrier and world No. 11, could face up to C$9 billion ($6.6 billion) of unsecured claims. But the Montreal-based carrier has said it has no cash to pay its creditors and will instead offer them stock in the restructured airline.

The settlement of claims would be the last step in Air Canada's restructuring, which started when the company went into bankruptcy protection on April 1. The airline has already obtained concessions from its employees and aircraft lessors so it can reduce its fleet and its operating costs.

Some of Air Canada unions said they wanted to submit claims for the concessions they have made to Air Canada in the past months. The unions have agreed to C$1.1 billion in wage cutbacks and to nearly 10,000 layoffs, a quarter of the airline's total work force.

"It's one option we are looking at," said Air Canada Pilots Association spokesman Serge Beaulieu.

Air Canada will also receive a bid next week from investors interested taking a stake in the company, a deal closely watched by the creditors because it will have a direct impact on how much of the company is left for them.

Air Canada has never said how big a stake in the company it would try to sell as equity in exchange for the C$700 million it is seeking.

Speculations among bondholders went as a far suggesting the airline could sell 80 percent of its equity for C$700 million, leaving only 20 percent, or C$175 million worth of stock, to settle billions of dollars of creditor claims. Such a scenario would drive the price of Air Canada bonds to mere cents.

As for current shareholders, Air Canada said they will be effectively wiped out because old shares would be canceled or massively diluted by new shares issued to new equity investors or current debtholders.

Air Canada stock closed at C$1.33 on Friday on the Toronto Stock Exchange. It crashed as low as 69 Canadian cents after Air Canada went into bankruptcy protection, but speculative trading has pushed it back up. The stock peaked at more the C$20 three years ago.更多精彩文章及讨论,请光临枫下论坛 rolia.net
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Replies, comments and Discussions:

  • 枫下家园 / 理财投资税务 / 股坛高手们快请看看加航的最新消息,是否说明加航股票在星期1要大跌?今天刚买了它,难道我的财运如此之差?
    • Air Canada asks creditors to make claims by Nov 15
      本文发表在 rolia.net 枫下论坛4:51pm ET (Reuters)


      By Charles Grandmont

      MONTREAL, Sept 12 (Reuters) - Air Canada asked the judge in charge of its restructuring on Friday to set Nov. 15 as the deadline for all its creditors to submit their claims, paving the way for a swift exit from bankruptcy protection by year's end, court documents showed.

      Air Canada, the country's dominant carrier and world No. 11, could face up to C$9 billion ($6.6 billion) of unsecured claims. But the Montreal-based carrier has said it has no cash to pay its creditors and will instead offer them stock in the restructured airline.

      The settlement of claims would be the last step in Air Canada's restructuring, which started when the company went into bankruptcy protection on April 1. The airline has already obtained concessions from its employees and aircraft lessors so it can reduce its fleet and its operating costs.

      Some of Air Canada unions said they wanted to submit claims for the concessions they have made to Air Canada in the past months. The unions have agreed to C$1.1 billion in wage cutbacks and to nearly 10,000 layoffs, a quarter of the airline's total work force.

      "It's one option we are looking at," said Air Canada Pilots Association spokesman Serge Beaulieu.

      Air Canada will also receive a bid next week from investors interested taking a stake in the company, a deal closely watched by the creditors because it will have a direct impact on how much of the company is left for them.

      Air Canada has never said how big a stake in the company it would try to sell as equity in exchange for the C$700 million it is seeking.

      Speculations among bondholders went as a far suggesting the airline could sell 80 percent of its equity for C$700 million, leaving only 20 percent, or C$175 million worth of stock, to settle billions of dollars of creditor claims. Such a scenario would drive the price of Air Canada bonds to mere cents.

      As for current shareholders, Air Canada said they will be effectively wiped out because old shares would be canceled or massively diluted by new shares issued to new equity investors or current debtholders.

      Air Canada stock closed at C$1.33 on Friday on the Toronto Stock Exchange. It crashed as low as 69 Canadian cents after Air Canada went into bankruptcy protection, but speculative trading has pushed it back up. The stock peaked at more the C$20 three years ago.更多精彩文章及讨论,请光临枫下论坛 rolia.net
    • ^
    • If you decided to buy into this kind of company, you already made up your mind that you would accept the risk... You will be fine even if you do lose a lot.
    • Those words about wiping out all public shares was out there for quite a while, so don't worry too much, get in&out quick, you'll be fine.
      • Thanks!
    • If I do not make the claim, what will happen? I donoe know how to make the claim though I received the letter.
    • 星期一肯定有反应。我个人觉得加航现在的股价太高,他五年前辉煌的时候股价也只有3加元左右,现在破产保护并且又增发公共股的必然,还有1元3一股,着实让人疑惑
    • 你不会学猫头鹰同志拿买房的钱去买这个股票吧?星期一跌是肯定的, 不过死猪不怕开水汤,你又怕什么呢?短空长多,也许重组后就光明了。
      • 我把买机票的钱拿去炒加航了:(。什么是短空长多?如果跌了是该补仓还是割肉?
        • 你能割出几斤肉来?有这么必要急着去补吗?
          • 唉,太穷。一分钱看得比磨盘还大。
            • 可是如果一分钱象磨盘一样大的话,那一块钱象什么?
              • 比100个幕盘还大。
      • 如果重组后就光明了星期一怎么会跌呢? 股市都是在消息模糊的时候涨, 在消息明朗的时候跌的. 我睹星期一涨.^_%
      • 这是一条中性新闻, 而且也应在当天消化了. 星期一应不会有什么太大的变化.