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."