9252fly From Canada, joined Sep 2005, 1412 posts, RR: 0
Reply 1, posted (7 years 8 months 2 weeks 2 days 4 hours ago) and read 3137 times:
Story has it,he's bought a new home in London and is likely to leave AC early next year. He still holds the position of CEO of ACE(Air Canada Enterprises). He has pretty much completed his mission and probably feels there is nothing left for him to do. Love him,or hate him,he's done a lot for AC.
But hardly anyone took it that way at the beginning when they applied for Chapter 7, when he failed to reach an agreement to get the T7's at the beginning. This reminds me, if it weren't for the pilots and that debate that was going on, we might have seen the T7's in late 2005 or early 2006.
RP TPA From United States of America, joined Oct 1999, 852 posts, RR: 0
Reply 7, posted (7 years 8 months 2 weeks 9 hours ago) and read 2649 times:
Quoting Ktachiya (Reply 5): But hardly anyone took it that way at the beginning when they applied for Chapter 7
Air Canada never filed for Chapter 7, which would have meant the ending of the company, with all assets being sold off to pay the creditors. They actually filed for CCAA, which is roughly the Canadian equivalent of Chapter 11. That allowed AC to continue flying, while at the same time letting them restructure their debts and work out a new business plan.