Creditors distressed by Air Canada
by David Watts Bondholders are being left out in the cold over the airline’s restructuring negotiations
Air Canada’s bondholders and bank creditors are struggling to improve their position in the company’s restructuring negotiations. Air Canada filed for bankruptcy protection on April 1 with C$1.8 billion ($1.3 billion) of bond debt outstanding, $600 million of which is US dollar denominated and C$900 million ($650million) bank debt.
Since then the airline has been in negotiations with stakeholders for a financial restructuring. But a series of blunders have irked investors.
In July
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