reeves84
April 1st, 2003, 4:47:25 PM
http://news.bbc.co.uk/2/hi/business/2907969.stm
Canada's largest airline has filed for bankruptcy but vowed to keep its aeroplanes flying.
Air Canada is the only Canadian carrier with an extensive network of international flights, making it vital to the country's transport infrastructure.
It is the latest casualty in a long list of airlines struggling to cope with the travel slump caused by September 11, the recent health scare in Asia and the war on Iraq.
The company said it was seeking protection from its creditors while it sought to find a way to survive as a leaner, financially viable airline.
Air Canada has massive debts of C$13bn ($US8.8bn; £5.6bn) and laid of 3,600 staff earlier this month.
There is already speculation that the Canadian government may come to the rescue.
No need to do everything the American's do!!
Canada's largest airline has filed for bankruptcy but vowed to keep its aeroplanes flying.
Air Canada is the only Canadian carrier with an extensive network of international flights, making it vital to the country's transport infrastructure.
It is the latest casualty in a long list of airlines struggling to cope with the travel slump caused by September 11, the recent health scare in Asia and the war on Iraq.
The company said it was seeking protection from its creditors while it sought to find a way to survive as a leaner, financially viable airline.
Air Canada has massive debts of C$13bn ($US8.8bn; £5.6bn) and laid of 3,600 staff earlier this month.
There is already speculation that the Canadian government may come to the rescue.
No need to do everything the American's do!!