The Honourable Jim Flaherty, Minister of Finance, today announced that the Honourable James Farley, Q.C., has been asked to mediate between Air Canada, its unions and its retiree associations in devising a sustainable path for the airline company's pension plan.
"Mr. Farley is a recognized authority on Air Canada's corporate structure and its challenges," said Minister Flaherty. "The Government has mandated Mr. Farley to seek a solution acceptable to all parties in respect of the pension and other issues Air Canada faces in this difficult economic climate."
In 2003, Mr. Farley, a former Ontario Superior Court Justice, presided over insolvency proceedings that granted Air Canada protection from its creditors under the Companies' Creditors Arrangement Act while the company restructured.
Air Canada's pension plan is subject to federal regulation under the Pension Benefits Standards Act, 1985.
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Chisholm Pothier
Press Secretary
Office of the Minister of Finance
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Jack Aubry
Media Relations
Department of Finance
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