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Another Kick In The Groin For Air Canada  
User currently offlineArtsyman From United States of America, joined Feb 2001, 4748 posts, RR: 32
Posted (12 years 1 month 3 weeks 2 days 14 hours ago) and read 5020 times:

When it rains, it pours, and sadly for Air Canada, the rain is starting to fall pretty hard. Today Milton's right hand man, resigned, quit, left... whatever, he's gone. Here are some excerps:

Milton's right-hand man quits Air Canada

By John Partridge and John Saunders

The apparent collapse of Victor Li's plan to pump $650-million into Air Canada has claimed the job of chief executive officer Robert Milton's right-hand man, raising more questions about Mr. Milton's future and the ability of Canada's largest airline to emerge from bankruptcy protection.

Confirming widespread speculation in union ranks this week, the insolvent airline said yesterday that Calin Rovinescu, its chief restructuring officer and a key architect of the plan to bring Mr. Li, the eldest son of Hong Kong billionaire Li Ka-shing, on board as major shareholder, has resigned from his post.

Mr. Rovinescu's departure appears to make it even less likely that the deal can be revived, though he insisted in an interview yesterday that it is salvageable and that other investors are in sight.

"In my mind, I had managed to bring to the table one of the most sophisticated international investors, who has lots and lots of airlines and lots of other opportunities to invest in [but] has selected us," he said of Mr. Li. "And to the extent that as a result of the inability of the unions and Trinity to come to an agreement, the deal doesn't close, then I think it's time to hand this last 10 yards over to another running back."


3 replies: All unread, jump to last
User currently offlineN754pr From , joined Dec 1969, posts, RR:
Reply 1, posted (12 years 1 month 3 weeks 2 days 13 hours ago) and read 4959 times:

If it was private it would have gone bust already, how can they keep it going??

User currently offlineCPDC10-30 From United States of America, joined Feb 2000, 4992 posts, RR: 22
Reply 2, posted (12 years 1 month 3 weeks 2 days 9 hours ago) and read 4843 times:

If it was private it would have gone bust already, how can they keep it going??

Air Canada has been a private corporation since 1988. IMHO I don't think this is bad news, things were getting nowhere with Li invloved.

User currently offlineOlympus69 From Canada, joined Jun 2002, 1737 posts, RR: 7
Reply 3, posted (12 years 1 month 3 weeks 2 days 8 hours ago) and read 4746 times:

This is yesterday's news and there is another ongoing thread on the subject.


Air Canada has been a private corporation since 1988

Private? I don't think so.

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