Sponsor Message:
Civil Aviation Forum
My Starred Topics | Profile | New Topic | Forum Index | Help | Search 
Trinity Walked!  
User currently offlineUwoAviation From Canada, joined Mar 2004, 39 posts, RR: 0
Posted (12 years 2 months 1 day 22 hours ago) and read 1256 times:

Trinity Time walks away from Air Canada investment
Last Updated Fri, 02 Apr 2004 18:03:53
TORONTO - Trinity Time Investments said Friday it will not go ahead with its proposed $650-million investment in Air Canada – at least for the time being – making good on an earlier threat to walk away if unions did not agree to more concessions.

CBC ARCHIVES: Losing Altitude: A History of Air Canada

INDEPTH: Air Canada

However, Trinity Time said it did not rule out getting involved in Air Canada's restructuring in the future "if circumstances change sufficiently."

"We are of course disappointed in this outcome," Trinity director Harold Gordon said in a statement which released Air Canada from its exclusive investment deal with the company. Air Canada, it said, is now free to try to find another key equity investor.

Gordon said Air Canada's financial performance was "somewhat weaker" that Trinity Time had expected. "In particular, labour cost and productivity savings promised by Air Canada's unions under Air Canada's collective agreements are not being fully achieved," he said.


$1.87 billion
$828 million
$1.25 billion
$82 million
$213 million
Just minutes after the Trinity Time announcement was made public, Air Canada released its 2003 financial results. They showed that the airline had a net loss of $1.87 billion last year. The operating loss, which excludes reorganization and restructuring charges, was $684 million.

"Our restructuring has become more challenging as a result of record high fuel prices, increased domestic capacity by our low cost competitors and the geopolitical issues faced by the airline industry as a whole," Air Canada CEO Robert Milton said in the earnings release.

But Milton said the airline was "well positioned" to carry on business while it searches for an alternative key investor and said it was business as usual for the airline, its customers and employees.

"We trust that our unions and other stakeholders will recognize the urgency of resolving the remaining obstacles to our exit from CCAA [creditor protection]," Milton said.


April 15........

1 replies: All unread, jump to last
User currently offlineUwoAviation From Canada, joined Mar 2004, 39 posts, RR: 0
Reply 1, posted (12 years 2 months 1 day 22 hours ago) and read 1255 times:

oooopps.. didnt see it was allready there.... my bad

Top Of Page
Forum Index

This topic is archived and can not be replied to any more.

Printer friendly format

Similar topics:More similar topics...
Forgeard Walked Away From Eads With $US11.49M. posted Wed Apr 11 2007 15:25:35 by NAV20
Trinity Air Bahamas? posted Mon Nov 6 2000 20:42:19 by TWAneedsNOhelp
Walked Teh Terminals At ORD Today.. Interesting... posted Sun Oct 8 2000 07:15:07 by TWA902fly