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Some creditors mount another assault...
Published by: mike 2009-01-08
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    "Creditors owed $1-billion by Air Canada may put forward their own plan of arrangement -- an alternative to management's recipe for taking the insolvent airline out of bankruptcy protection.
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    These creditors are upset with the airline's choice of Trinity Time Investments Ltd., a company controlled by Hong Kong businessman Victor Li, as the airline's new largest investor, or equity sponsor.

    "We are considering all the options right now, which include a response in court, which includes the possibility of filing an alternate plan and any other options," said Laurence Geringer, a lawyer for the self-described "ad hoc committee of various financial creditors."

    The creditor group -- which includes AGF Funds Inc. of Toronto, Morgan Stanley & Co. International Ltd. of New York and Commerzbank AG of Germany -- are expected to discuss these options in a conference call on Monday.

    The Companies' Creditors Arrangement Act allows creditors to put forward an alternative plan of arrangement -- the detailed proposal of how a company will deal with its debts and move forward from bankruptcy protection." G&M


    http://makeashorterlink.com/?X4C611EE6

    This saga has more twists and turns than a BC logging road!

    And the legal costs keep climbing...


  • Let's not forget how much is being paid to E&Y as the court appointed monitor. Remember the firm recomendation made in regards to the CIBC Visa deal. It's only CIBC....no wait it's CIBC and someone else. We need to study it some more.....How many extra billable hours do they get by playing this game?

    Some partners at E&Y gotta be looking over some new house plans, car and vacation brochures for sure. I wonder if it is an AC Vacations Brochure? http://www.flyertalk.com/forum/wink.gif





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