TRANSPORT MINISTER ISSUES STATEMENT ON AIR CANADA RESTRUCTURING

News Release

No. H036/04 For release May 19, 2004 OTTAWA - Transport Minister Tony Valeri today issued the following statement related to the ongoing restructuring of Air Canada. "I am disappointed that Air Canada and the Canadian Auto Workers union have not yet been able to achieve a mutually satisfactory agreement that would ensure successful emergence from bankruptcy protection. "I would also like to acknowledge the hard work and difficult decisions taken by all the other affected unions to meet the conditions of the Air Canada-Deutsche Bank agreement, and the patience of the creditors during this process. "Air Canada is a world-respected airline with a long record of safe and reliable service to Canadians. I believe solutions can be found if parties are willing to work together to find them. "Last week, the Office of the Superintendent of Financial Institutions announced an agreement in principle that satisfies the pension funding relief conditions identified in the Air Canada-Deutsche Bank agreement. "But, as I have said in the past, solutions to this impasse must come from the private sector. That remains the position of the Government of Canada. "I strongly encourage the Canadian Auto Workers union and Air Canada to redouble their efforts and find long-term solutions to the financial problems facing the company." - 30 - Contact: Christina Van Loon Office of the Minister, Ottawa (613) 991-0700 Transport Canada is online at www.tc.gc.ca. Subscribe to news releases and speeches at apps.tc.gc.ca/listserv/ and keep up-to-date on the latest from Transport Canada. This news release may be made available in alternative formats for persons with visual disabilities.

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2016-12-15

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TRANSPORT MINISTER ISSUES STATEMENT ON AIR CANADA RESTRUCTURING

News Release

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