Air Canada
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Air Canada Inaugurates First-Ever Non-Stop Service from Toronto to Hong Kong with World's Longest Range Aircraft
Sunday August 1, 11:00 am ET
MONTREAL, Aug. 1 /CNW Telbec/ - With the departure today of flight AC015 en route to Hong Kong from Pearson International Airport, Air Canada inaugurates the first-ever non-stop service between Toronto and Hong Kong. Air Canada is operating the route using its new A340-500 aircraft, the world's longest range airliner. The 15 and a half hour non-stop flight saves travellers more than four and a half hours compared to other carriers' routings.
"With the launch today of the first-ever non-stop service between Toronto and Hong Kong, we are thrilled to offer Air Canada customers the fastest, most convenient link between eastern North America and Hong Kong," said Montie Brewer, Executive Vice President, Commercial. "Our new Airbus A340-500 aircraft, providing the world's longest range capabilities, also showcases Air Canada's on-going commitment to enhance customers' travel experience with the introduction of lie flat seats for our premium customers and state-of-the- art entertainment throughout the entire aircraft. Building on our year-round non-stop services from Toronto to Tokyo and Delhi, our new Hong Kong service strengthens Toronto as an international gateway of choice to Asia."
On board, customers enjoy exciting new amenities in both Executive First and Hospitality Service cabins configured to seat 42 and 225 passengers, respectively. Air Canada has significantly enhanced its premium international product, Executive First, with the introduction of lie-flat seats on its new A340-500 service to Hong Kong. Combined with a generous 63 inch pitch, the ultra-luxurious lie-flat seats provide the ultimate experience in restful long haul flying, with adjustable privacy dividers, lumbar support system and personal large screen monitor offering video on demand.
In addition, Air Canada's Hospitality Service customers enjoy, for the first time, individually controlled video on demand with personal monitors at each seat for a state-of-the-art in-flight entertainment experience using a fully digital audio and video system. The Hospitality Service cabin features fully adjustable seats and headrests in a spacious 2x4x2 layout with 33-inch pitch providing more legroom than other carriers.
Air Canada's new daily non-stop flights from Toronto to Hong Kong complement its daily Vancouver-Hong Kong flights by offering customers the choice and flexibility of two daily flights linking both western and eastern Canada with one of Asia's most important business centres and gateway to southeast Asia. With a 0945 departure from Toronto, flight AC015 is timed to offer convenient morning connections to and from points throughout Air Canada's extensive North American network, particularly in eastern Canada and the United States. The early afternoon arrival in Hong Kong at 1315 the next day ensures connecting options for onward travel throughout Asia. The eastbound flight, AC016, leaves Hong Kong at 1515 and arrives in Toronto at 1835 the same day, providing maximum connecting options.
Air Canada offers customers up to 12 non-stop flights per day in each direction between Canada and nine destinations in Asia. From its main hub in Toronto, the carrier operates daily non-stop flights to Hong Kong, Tokyo and Delhi, the only non-stop link between North America and India. From its Pacific Asian gateway in Vancouver, Air Canada serves Hong Kong, Shanghai, Beijing, Tokyo, Osaka, Nagoya and Seoul with daily non-stop flights, as well as Taipei on a codeshare basis.
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=58060
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=13213
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UPDATE - WestJet profit falls sharply as it buys new planes
Tuesday August 3, 4:39 pm ET
By Jeffrey Jones
(Adds analyst comments, updates stock quote)
CALGARY, Alberta, Aug 3 (Reuters) - Second-quarter profit at WestJet Airlines Ltd. (Toronto:WJA.TO - News) was nearly halved as fuel costs and landing fees jumped, Canada's No. 2 carrier said on Tuesday, but the result still beat estimates by a hair.
WestJet, the discount carrier that is battling Air Canada (Toronto:AC.TO - News) in the skies and in the courts, earned C$7.5 million ($5.6 million), or 6 Canadian cents a share, down from year-earlier C$14.7 million, or 13 Canadian cents a share.
That beat by a penny an average estimate among analysts polled by Reuters Estimates.
Revenue rose 25 percent to C$257 million from C$206 million. But a 32 percent rise in fuel costs hit profit.
WestJet's shift of its Eastern Canadian hub to Toronto from Hamilton, Ontario, and a major advertising campaign also contributed to higher costs, it said.
Shares in WestJet rose 25 Canadian cents to C$13.55 on the Toronto Stock Exchange. The stock is down 30 percent in the past six months. Air Canada's shares have fallen 68 percent in the same time.
"I'm naturally very disappointed that we did not achieve better margins," chief executive Clive Beddoe told analysts.
However, he said he was heartened by a slight improvement in yields to offset costs as crude oil prices rocketed to their highest level in at least 21 years.
WestJet has been fighting fare wars with Air Canada, the country's dominant carrier, and no-frills upstarts such as Jetsgo. That has meant several quarters of weak yields.
"Their biggest issue was the overall environment -- the competitive environment and the constant seat-sale mode that the industry is going in," said analyst Nadi Tadros of Desjardins Securities.
The Canadian airline industry operates with 17 percent unused capacity compared with about 7 percent in the United States, where airlines are struggling, Tadros said.
In the quarter, WestJet's yield, or revenue per passenger mile, was flat with last year as costs per available seat mile rose 7.2 percent and capacity ballooned by nearly 29 percent.
WestJet, which is now launching service to U.S. destinations, also said on Tuesday it is buying six additional planes as part of plans to expand and modernize its fleet of Boeing (NYSE:BA - News) 737s over the next two years.
Despite the weak yields due to oil prices and a slew of seat sales, WestJet will have added 12 more fuel-efficient jets in 2004, 15 in 2005 and four in 2006. Deposits for the extra aircraft will total $32 million over the next 12 months.
By adding the 737-700, 800 and now smaller 600-series planes, and retiring old 737-200s, WestJet's capacity will jump by 30 percent, Beddoe said.
"The cost savings and efficiencies that this will bring through interchangeability of crews, parts, engines and training will be significant," he said.
It also puts to rest any talk of WestJet buying regional jets from makers like Bombardier Inc. (Toronto:BBDb.TO - News) and Embraer SA (Sao Paolo:EMBR3.SA - News) for at least two years.
Meanwhile, Beddoe apologized to shareholders and employees for a corporate espionage scandal that prompted Air Canada to file a C$220 million lawsuit and clouded WestJet's prospects.
Air Canada sued WestJet and two of its employees, claiming they used an internal Air Canada Web site thousands of times in 2003 and 2004 to check seat availability on various routes.
Beddoe said he was unaware of former WestJet vice-president Mark Hill's actions. Hill, a WestJet co-founder, resigned this month because of the controversy.
(Additional reporting by Rajiv Sekhri)
($1=$1.33 Canadian)
Reuters
WestJet CEO Sorry for Exec's Behavior
Tuesday August 3, 5:48 pm ET
By Jeffrey Jones
CALGARY, Alberta (Reuters) - WestJet Airlines Ltd.'s (Toronto:WJA.TO - News) chief executive apologized on Tuesday for a former executive's use of Air Canada's proprietary Internet data, the subject of a C$220 million ($167 million) lawsuit clouding WestJet's prospects.
However, one industry analyst said chief executive Clive Beddoe's public apology did not necessarily mean that an out-of-court settlement with Air Canada (Toronto:AC.TO - News) to end the ugly episode was imminent.
In a conference call with analysts to discuss a drop in second-quarter profit, a contrite Beddoe said he and WestJet's board did not condone logging on to an Air Canada Web site to access information on the profitability of its flights.
Air Canada's suit alleges Mark Hill, who resigned last month as WestJet's vice-president of strategic planning, and two of his staff used an internal Air Canada site nearly a quarter of a million times in 2003 and 2004 to check seat availability on routes.
The information would have helped WestJet plan its own routes. Air Canada seeks C$220 million in damages, having raised the amount from C$5 million in July.
"Clearly, I have to take responsibility for this event as I should have known what Mark Hill was doing, and no individual, including myself, should have the latitude to act irresponsibly," Beddoe said.
"Neither I, nor our executive, or our board, condone this sort of activity and consider it to be wholly inappropriate."
He said his airline has set up a whistle-blower policy to help prevent future misdeeds.
But WestJet expects "no material liability" as a result of the suit, he said. Beddoe declined to comment further, citing the litigation before the courts.
"This all tells me that they are taking this very seriously. Air Canada clearly has upped the stakes," independent industry analyst Rick Erickson said.
"Hand-in-hand with poor operational performance, this is why the stock's doing nothing, and that is bad news for the major investor players."
Shares in WestJet rose 25 Canadian cents to C$13.55 on the Toronto Stock Exchange (News - Websites) on Tuesday. The stock is down 30 percent in the past six months.
Erickson said he believes WestJet would prefer to settle the issue to avoid a big blot on its reputation, but the apology does not necessarily mean a deal is in sight.
"I'm not sure we're going to see an early out-of-court settlement on this," he said.
Air Canada officials said they had no comment beyond a July 22 press release to announce the increase in damages the country's biggest airline is seeking. It said it was looking forward to WestJet's explanation of the issue in court.
The move marks the latest twist in a strange and nasty fight between Canada's two largest airlines over accusations of corporate espionage.
WestJet was granted leave by an Ontario court last month to countersue, accusing Air Canada of seizing its private information unlawfully.
That included hiring private investigators to remove Hill's garbage from his Vancouver Island home and a Houston-based firm to piece together shredded documents, WestJet has said.
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Gruß BarCode 0
Nein, ich will den Thread akt. nur am laufen halten, habs ja auch auf meiner Watch.
Wieso sprichst du immer von Enteignung?
Soweit ich das richtig gelesen und verstanden habe, gibts für 11,894 alte Aktien 1 neue. Das ist zwar mies, aber ich würde nicht von Enteignung sprechen.
Im nachhinein ist das für die Altaktionäre echt mies, ich pers. bin noch nicht investiert, will lieber erstmal die Restrukturierungsphase abwarten.
Insgesamt gehts aber Schritt für Schritt voran.
greetz
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Das ist aber m.E. das gewisse Restrisiko, wenn Firmen im Insolvenzstatus sind.
Man weiß nie was kommt. Ich pers. bin in solchen Dingen immer etwas vorsichtiger, obwohl ich auch spekulativ veranlagt bin.
greetz
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Air Canada Launches Web Check-in for Flights; First Canadian Carrier to Offer Convenient Online Service
Wednesday August 4, 6:00 am ET
MONTREAL, Aug. 4 /CNW Telbec/ - Air Canada today made checking-in for flights even easier for its customers with the launch of web check-in at www.aircanada.com . Effective immediately, Air Canada customers travelling on Rapidair flights between Toronto, Montreal and Ottawa with carry-on baggage only can check-in and print boarding passes from the convenience of their home or office. During the coming months, Air Canada will expand web check-in to include all its flights network wide, as well as for customers with baggage requiring check-in.
Air Canada thus becomes the first Canadian air carrier to introduce this time saving feature for air travellers. By simply logging on to www.aircanada.com, Air Canada customers will be able to enter their Aeroplan number or credit card used to purchase the ticket, select their seats and print out their boarding card - all before arriving at the airport. Eligible ticket holders may also standby for an earlier flight and request upgrades to Executive Class. Web check-in is available within 12 hours, and up to at least one hour, before a flight to give enough time for customers to arrive at the airport, proceed directly to security screening and make their way to the departure gate.
"With web check-in, Air Canada is continuing its use of technology to enhance our customers' experience by simplifying air travel and saving valuable time," said Steve Smith, Senior Vice President, Customer Experience. "Air Canada is the first Canadian airline to provide web check-in, and this is consistent with our strategy to continue leading the industry with customer- driven innovations that make air travel both simple and satisfying."
The introduction of web check-in follows other recent innovations by Air Canada that enhance air travellers' experience by putting more control in customers' hands through automation. Over the past year, the carrier became the first full service airline in North America to introduce everyday low, simplified online fares across its Canada and U.S. network. Since then, it has launched a discounted Latitude Pass that provides customers with savings and flexibility to self manage frequent air travel using pre-purchased credits in a personalized online Flight Wallet.
Air Canada is also the first airline in Canada to provide Internet self service podiums at major airports across Canada. With free access to www.aircanada.com, the podiums offer customers easy access to make bookings, change itineraries and select a growing array of Air Canada's self service products. Since becoming the first airline in Canada to offer customers the convenience of Express Check-in Kiosks in 1998, Air Canada's popular self service check-in kiosks have grown to number more than 160 in major airports across Canada and at New York's LaGuardia airport, and they will continue to be enhanced with more time saving features that meet customers' needs.
§ Note to photo editors: A high resolution image of the web page prompt to
§ print a boarding card may be downloaded at:
§ http://www.aircanada.ca/about-us/media/facts/logo.html(number sign)checkin
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=87473
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=13213
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Air Canada Provides Update on Restructuring
Tuesday August 10, 3:40 pm ET
MONTREAL, Aug. 10 /CNW Telbec/ - Air Canada provides the following update on the status of restructuring claims under the Companies' Creditors Arrangement Act (CCAA):
§ All Restructuring Claims Filed by Labour Unions Now Resolved
§ --------------------------------------------------
Air Canada said today that the last of the restructuring claims filed by its unions has now been resolved. In proceedings before the Superior Court of Justice yesterday, the Air Canada Pilots Association (ACPA) accepted the determination of the Claims Officer and agreed to withdraw their pending appeal. The Court also dismissed an appeal by the Canadian Union of Public Employees (CUPE), representing the airline's flight attendants, of the determination of its claim by the Claims Officer.
Ernst & Young Inc., the Monitor in the CCAA proceedings, has provided Air Canada with the following status report regarding outstanding and accepted claims in the CCAA process:
§ Claims Accepted or Determined assuming no appeals from Court decisions
§ are granted: $7,477.5 million
§ Total Disputed Claims: $1,460.5 million
§ Portion of Disputed Claims Allowed in Part: $519.9 million
§ MINIMUM POTENTIAL CLAIMS: $7,997.4 million
§ (Assumes all disputed claims resolved at amount allowed by Air Canada and
§ the Monitor)
§ MAXIMUM POTENTIAL CLAIMS: $8,937.9 million
§ (Assumes all disputed claims resolved at amount claimed by disputing
§ creditors)
It should be noted that the Total Disputed Claims amount reported does not include claims for approximately $2,244 million which have been determined by final order of the Court to be $124 million and from which leave to appeal has been sought or where the time for seeking leave to appeal (21 days) has not yet expired.
The Corporation intends to emerge from CCAA protection on September 30, 2004 following a creditor vote to be held on August 17, 2004. Air Canada will post a more detailed update on the status of claims on its website www.aircanada.ca/notice and on the website of its counsel at www.stikeman.com/ac .
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=48435
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=13213
For further information
--------------------------------------------------
Source: AIR CANADA; AIR CANADA - CORPORATE - FINANCIAL
@falke: Jetzt ist ein guter Zeitpunkt für Dein Einstieg, aber nicht das du wieder hinterher schimpfst *g*
Der Trend zeigt weiter Richtung Süden, MACD zeigt ein positives Signal, sollte also bald sein Boden finden. Mit weiteren kräftigen Abschlägen würde ich pers. nicht mehr rechnen.
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Financial News
Enter symbol(s) BasicPerformanceReal-time MktDetailedChartResearchOptionsOrder Book Symbol Lookup
Press Release Source: AIR CANADA; AIR CANADA - CORPORATE - FINANCIAL
Air Canada Announces Board of Directors of ACE Aviation Holdings Inc.
Thursday August 12, 1:15 pm ET
New Directors take office upon the Corporation's exit from CCAA protection
MONTREAL, Aug. 12 /CNW Telbec/ - Air Canada today announced the names of the individuals who will comprise the Boards of Directors of ACE Aviation Holdings Inc. and Air Canada following its emergence from CCAA protection on September 30, 2004. ACE is the parent holding company under which Air Canada and its subsidiaries will be held. The new Boards of ACE and Air Canada will take office on the Implementation Date of the Restructuring Plan, currently scheduled for October 1, 2004.
As indicated in the materials mailed to creditors of Air Canada on July 15, 2004, the members of the ACE Board and the three members of the Air Canada Board would be identified before the August 17, 2004 meeting. Pursuant to a May 4, 2004 court order, Ernst & Young Inc., the Monitor in the CCAA proceedings, working with SpencerStuart, the global executive search firm and Air Canada, directed a process to select candidates for board membership. Stakeholders were consulted.
"I am pleased to welcome this distinguished group of individuals to our new boards," said Robert Milton, President and CEO of Air Canada. "The ability to attract a board of this high calibre representing broad experience across all sectors on a global basis signals yet another vote of confidence in Air Canada's business plan and the airline's prospects going forward. Air Canada's stakeholders, including our customers can be assured their interests will be well served by this group of talented, independent-minded individuals."
The new Board of ACE consists of 11 directors as follows:
§ Bernard Attali
§ Senior Advisor, Orrick Herrigton and Sutcliffe, Paris, France
Mr. Attali, a former Chairman and CEO of Air France, has an extensive background in the aviation and aerospace industry and is currently country advisor (France) to the Texas Pacific Group and Chairman of the Paris Ile de France Regional Development Agency. He has held executive positions with several financial institutions and he is now a director of Samsonite Corporation.
§ Robert E. Brown
§ President & Chief Executive Officer, CAE Inc., Montréal, Québec.
Mr. Brown who is now a director of Air Canada is also the outgoing Chairman, a position he has held since May 2003. Previously he was President and CEO of Bombardier Inc. and held various senior positions with the federal government of Canada prior to his joining Bombardier. He is currently a director of Nortel Networks Corporation, Vanguard Response Systems and Lyrtech Inc.
§ Michael Green
§ President, Cerberus Operations, New York, New York
In his current role Mr. Green is responsible for analysis and evaluation of selected investment opportunities, as well as coordinating the efforts of Cerberus's executive management team. Mr. Green has a multi-industry operations background in aerospace, transportation, telecommunications and software systems. He is a director of Teleglobe, SSA Global Software, General Fiber Communications and Sports Brands International (Fila).
§ George Hamilton
§ Chief Executive Officer, Global Home Products, LLC, New Albany, Ohio
Mr. Hamilton has served as President and CEO of several multi-national consumer goods companies including Rubbermaid Europe s.a., Lee Rowan Company and Anchor Hocking Specialty Glass. Mr. Hamilton is now a director of Airway Industries Inc., Formica Corp., and SLI Corp.
§ W. Brett Ingersoll
§ Managing Director, Cerberus Capital Management L.P., New York, New York
Mr. Ingersoll is a senior member of the private equity activity and a member of the Investment Committee within Cerberus. Previously Mr. Ingersoll was a Partner at JPMorgan Partners where he focused primarily on private equity and restructuring situations in various industries including healthcare, branded food products and distribution, consumer products, specialty insurance and outsourced business services. He currently serves as a director of various private companies.
Pierre Marc Johnson, Counsel, Heenan Blaikie, Montréal, Québec
Mr. Johnson, who is now a director of Air Canada, practices international commercial law. During his distinguished career in public office, he was Premier of Québec and a Leader of the Opposition in Québec. Mr. Johnson is currently Chairman of the Board of Celmed Biosciences and is a director of St Lawrence Cement Group Inc. and Vincor International Inc.
Frank J. McKenna, Counsel, McInnes Cooper, Moncton, New Brunswick
Mr. McKenna is a former Premier of New Brunswick. He is now Chairman of CanWest Global Communications Corporation and is a director of the Bank of Montreal, Barrett Corporation, the Carlyle Group Canadian Advisory Board, FNX Mining Company, Inc., General Motors of Canada, Marsh Canada Ltd., Noranda, Inc., Major Drilling Group International, Shoppers Drug Mart, United Parcel Service and Zenon Environmental Inc.
Robert A. Milton, President and CEO, Air Canada, Montréal, Québec
Mr. Milton has been President and Chief Executive Officer and a director of Air Canada since August 1999. Prior to joining Air Canada in 1992, he was a founding partner in Air Eagle Holdings Inc. and an independent commercial aviation consultant to British Aerospace.
John T. McLennan, Corporate Director, Mahone Bay, Nova Scotia
Mr. McLennan was previously Vice-Chairman and CEO of Allstream (formerly AT&T Canada) which followed extensive senior executive experience with a number of national telephone companies. Mr. McLennan is currently a director of Amdocs Limited, Canada Health Infoway, Hummingbird Ltd, Manitoba Telecom, Medisys Health Group and Platform Computing.
David I. Richardson, Financial Consultant, Toronto, Ontario
Mr. Richardson is a former Chairman of Ernst & Young Inc. and was National Managing Partner of Ernst &Young's Corporate Finance practice and the senior partner in the Corporate Recovery and Restructuring practice.
Marvin Yontef, Senior Partner, Stikeman, Elliott, Toronto, Ontario
Mr. Yontef acted as lead corporate counsel for Air Canada in its restructuring. As a senior partner in Stikeman Elliott's Corporate Group in Toronto, Mr. Yontef has been counsel in a wide range of commercial activities including mergers and acquisitions, corporate finance, banking and project finance, securities offerings, corporate reorganizations and restructurings. He is a director of Canadian Mini-Warehouse Properties Limited and the Canadian Opera Company.
The new Board of Air Canada will be comprised of Robert Milton, David Richardson and Marvin Yontef. As indicated in the materials mailed to creditors, the Boards of ACE and Air Canada are expected to establish new corporate governance guidelines. Such guidelines may result in additional changes to the membership of the Air Canada Board.
The new Boards of Directors for ACE and Air Canada will take office pursuant to the Restructuring Plan. In accordance with the Plan, current Air Canada directors will cease to act on the Implementation Date of the Plan immediately before the new boards take office.
The directors of ACE and Air Canada will hold office until their next respective annual meetings or until their successors are appointed.
The Corporation plans to emerge from CCAA protection on September 30, 2004 following a creditor vote to be held on August 17, 2004 and a court sanction hearing scheduled for August 23, 2004.
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=48435
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=13213
For further information
--------------------------------------------------
Source: AIR CANADA; AIR CANADA - CORPORATE - FINANCIAL
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Air Canada selects board members for new company
Thursday August 12, 3:08 pm ET
MONTREAL, Aug 12 (Reuters) - Air Canada(Toronto:AC.TO - News) said on Thursday it had selected board members for the new holding company under which the world's No. 11 airline will operate once it emerges from bankruptcy protection in October.
Air Canada president and chief executive Robert Milton will stay as a board member, along with former Quebec premier Pierre Marc Johnson and former Bombardier Inc. head Robert Brown.
Brown, president and chief executive officer of CAE Inc.(Toronto:CAE.TO - News) and also director of Nortel Networks Corp. (Toronto:NT.TO - News), will leave his role as Air Canada chairman. The board will elect a new chairman when it takes office on Oct 1, Air Canada said.
Cerberus Capital Management L.P., the New York-based investment firm which bought a 9 percent stake in the airline, will have two of its top executives on the board: managing director Brett Ingersoll and Cerberus Operations president Michael Green.
The board of ACE Aviation Holdings Inc., Air Canada's new holding company, will also include former Air France chairman and chief executive Bernard Attali, former Ernst & Young chairman David Richardson and former New Brunswick premier Frank McKenna.
Others joining the board are George Hamilton, chief executive of Global Home Products LLC; and John McLennan, former vice-chairman of Allstream.
Air Canada's lead corporate counsel and senior partner at Stikeman Elliott, Marvin Yontef, will also sit on the new board.
($1=$1.33 Canadian)
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Air Canada Creditors Approve Plan of Arrangement by Overwhelming Majority
Tuesday August 17, 12:35 pm ET
MONTREAL, Aug. 17 /CNW Telbec/ - Air Canada announced that its creditors today voted by an overwhelming margin to approve its Plan of Arrangement pursuant to its restructuring under CCAA.
At a Creditors Meeting held earlier in Montreal, the Resolution to approve the Plan was accepted by 99.6 per cent in number of Affected Unsecured Creditors representing 99.8 per cent, or $5.7 billion in value of the voting claims of creditors voting at the meeting.
"The strong support for Air Canada's Restructuring Plan received from creditors today is appreciated," said Robert Milton, President and CEO. "This positive response from creditors represents by far the most critical vote of confidence in the strength of our business plan and the airline's prospects going forward. With the creditors' overwhelming approval of the Plan, this crucial milestone of our restructuring is now behind us and we look forward to the Plan's approval by the court and the completion of our restructuring at the end of September."
The Corporation plans to emerge from CCAA protection on September 30, 2004 following a court sanction hearing scheduled for August 23, 2004.
Reuters
UPDATE - Air Canada creditors agree to let airline fly
Tuesday August 17, 12:53 pm ET
(Adds details, background, share price)
MONTREAL, Aug 17 (Reuters) - Air Canada (Toronto:AC.TO - News) creditors approved a recapitalization plan on Tuesday that will allow the world's 11th largest airline to emerge from bankruptcy protection with a clean balance sheet.
Unsecured creditors voted 99.6 percent in favor of the plan, which Air Canada will present next week for court approval, the airline said after a creditor meeting in Montreal.
"This positive response from creditors represents is by far the most critical vote of confidence in the strength or our business plan and the airline's prospects going forward," Air Canada president and chief executive Robert Milton said in a release.
Creditors will recover around 10 Canadian cents on each dollar that they are owed by receiving shares in the restructured airline's new holding company, ACE Aviation Holdings Inc. The new shares will be issued at a face value of C$20 each.
Creditors could end up owning up to 88 percent of ACE if they agree to buy more shares at a discount under a C$850 million rights offering sponsored by Deutsche Bank AG.
The result of the creditor vote was largely expected because Air Canada's monitor had warned that creditors would most likely recover nothing if the airline was pushed into liquidation.
"What choice do we have?" said Jean-Marc Belanger, regional chairman of Air Canada Pilots Association, which is owned some C$300 million by Air Canada, after voting in favor of the plan.
"What is important is that company will emerge as a stronger company. The alternative is to lose our company," he said.
As for current Air Canada shareholders, their shares will be worth close to nothing once the company converts and cancels them when it emerges from bankruptcy bankruptcy protection.
Air Canada's existing shares fell 2 Canadian cents, or 5 percent, to 34.5 Canadian cents on the Toronto Stock Exchange (News - Websites) on Tuesday.
($1=$1.31 Canadian)
Press Release Source: TSX Reviews and Suspensions; Toronto Stock Exchange; TSX Corporate Announcements
TSX Reviewing Air Canada (AC, AC.A)
Wednesday August 18, 8:57 am ET
TORONTO, Aug. 18 /CNW/ - Toronto Stock Exchange is reviewing the common shares (Symbol: AC) and the Class A Non-Voting Shares (Symbol: AC.A) of Air Canada with respect to meeting the requirements for continued listing. The company is being reviewed on an expedited basis.
Reuters
Air Canada Stock Plunges on Review
Wednesday August 18, 10:31 am ET
MONTREAL (Reuters) - Shares of Air Canada (Toronto:AC.TO - News) fell by more than half on Wednesday, after the Toronto Stock Exchange (News - Websites) said it was reviewing the company's stock to determine if it meets listing requirements.
The exchange said it is reviewing Air Canada's common shares and class A nonvoting shares on an expedited basis.
Air Canada's common shares tumbled 15 Canadian cents or 50.85 percent to 14.5 Canadian cents shortly after the opening on Wednesday, before clawing back to 19 Canadian cents. Volume of more than 9 million shares made it the top traded stock early in the session.
On Tuesday, Air Canada's creditors approved the airline's restructuring plan, which if approved by the court overseeing its bankruptcy protection process, would reduce the value of its current common stock to nearly nil.
Under the plan, creditors could end up owning as much as 88 percent of its airline, but its current common shares will have no value. Expectations are that on court approval of the restructuring plan, Air Canada's current stock will be eliminated and delisted from the Toronto exchange.
($1=$1.31 Canadian)
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Court Approves Air Canada Restructuring Plan
Monday August 23, 1:02 pm ET
MONTREAL, Aug. 23 /CNW Telbec/ - In a decision issued today, Mr. Justice James Farley of the Ontario Superior Court approved Air Canada's Plan of Arrangement pursuant to its restructuring under CCAA.
The issuance today by the Court of the Confirmation Order sanctioning the Plan of Arrangement follows the approval of the Plan by an overwhelming majority of Air Canada's creditors on August 17th.
"Approval today by the Court of Air Canada's restructuring plan is a major milestone in successfully rebuilding Air Canada to compete effectively and benefit all stakeholders," said Robert Milton, President and CEO. "We look forward to the completion of our restructuring by the end of September and moving forward with the implementation of our business plan to build a strong Air Canada."
The Corporation plans to emerge from CCAA protection on September 30, 2004.
Reuters
UPDATE - CIBC sells Air Canada debt, to make Q4 gain
Monday August 23, 1:36 pm ET
(Updates with details)
TORONTO, Aug 23 (Reuters) - Canadian Imperial Bank of Commerce (Toronto:CM.TO - News) said on Monday it has agreed to sell a large portion of its Air Canada (Toronto:AC.TO - News) debt to a third party, and that an Ontario court granted it the right to acquire voting shares of the restructured airline.
CIBC, one of Canada's biggest banks, said substantially all of CIBC's proven claims as an unsecured creditor of Air Canada will be sold to a third party.
The bank did not disclose who the third party was, but said it will record a pretax gain of C$52 million ($40 million) from the Air Canada transaction, which will be recorded in the fourth quarter.
An Ontario court approved Montreal-based Air Canada's plan of arrangement with creditors on Monday, clearing the way for the world's 11th largest airline to emerge from bankruptcy protection at the end of next month.
More than 99 percent of unsecured creditors approved the plan last week, even though they will get only pennies on the dollar for their claim.
CIBC also said on Monday that it had obtained rights to acquire voting shares of ACE Aviation Holdings Inc., which will become the parent holding company of Air Canada when the airline emerges from its 18-month long reorganization.
But, CIBC has not assigned any of its rights, which are exercisable on Aug. 27. The rights entitle CIBC to acquire between 3.4 million and 3.8 million voting shares of ACE at C$20 a share.
If CIBC exercises all its rights, it would own more than 10 percent of the outstanding voting shares of ACE, but less than 4 percent of ACE's total equity.
The bank said it will hold any ACE voting shares "solely for investment purposes and not for the purpose of influencing the control or direction of ACE."
"CIBC does not intend to acquire ownership of, or control over, additional securities of ACE other than those that may be acquired by it upon implementation of the (Air Canada reorganization) plan."
CIBC shares were up 5 Canadian cents at C$65 on the Toronto Stock Exchange. Air Canada stock, which the airline says will be virtually worthless after the restructuring, was down 5 Canadian at 16.5 Canadian cents.
($1=1.31 Canadian)
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Tuesday August 24, 9:09 am ET
TORONTO, Aug. 24 /CNW/ - The common shares (Symbol: AC) and the Class A Non-Voting Shares (Symbol: AC.A) of Air Canada will be suspended from trading effective at 5:01 p.m. on Wednesday, August 25, 2004 for failure to meet the continued listing requirements of Toronto Stock Exchange.
Reuters
Toronto Stock Exchange to suspend Air Canada shares
Tuesday August 24, 9:20 am ET
TORONTO, Aug 24 (Reuters) - The Toronto Stock Exchange said on Tuesday it will suspend Air Canada's (Toronto:AC.TO - News) shares for failing to meet listing requirements, in a widely expected move that comes after the airline was cleared to emerge from bankruptcy protection.
The exchange said the suspension of Air Canada's common shares and class A nonvoting shares will take effect after markets close on Wednesday.
On Monday, a Canadian court approved the airline's plan of arrangement with its creditors which allows the airline to come out of bankruptcy protection next month.
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MONTREAL, Sept 23 (Reuters) - Shares of ACE Aviation Holdings Inc., the new holding company for Air Canada, will begin trading on Oct. 4, the company said on Thursday.
The world's 11th largest airline canceled its old shares as part of its restructuring under bankruptcy protection from which it will emerge on Sept. 30.
The new voting shares will trade on the Toronto Stock Exchange under the symbol ACE.B, Air Canada said.
so endlich kommt mal Bewegegung in die Bude, die alte wkn scheint gelöscht worden zu sein, bzw. in Deutschland generell gelöscht. Bei comdirect finde ich keine deutschen Börsen mehr.
AIR CANADA Aktie 0,06 CAD +20,00% 25.08.04 22:56 Toronto
AIR CANADA CL A NV Aktie 0,05 CAD +25,00% 25.08.04 22:13 Toronto
AIR CANADA CRP A NON.. Aktie 0,009 USD -30,77% 23.09.04 21:59 NASDAQ OTC
AIR CANADA INC Aktie 0,001 USD +0,00% 08.09.04 23:21 Nasdaq Other OTC
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Friday September 24, 1:02 pm ET
MONTREAL, Sept. 24 /CNW Telbec/ - Air Canada will hold a conference call for analysts on September 27, 2004 to present the Corporation's Strategic Review. Media may access this call on a listen-in basis; details are as follows:
§ ANALYST CONFERENCE CALL / AUDIO WEBCAST
§ Date: Monday, September 27, 2004
§ Time: 2:00 p.m. ET
§ Webcast: www.startcast.com/shows/20/A0001 Note: This is a
§ listen-only audio webcast. Windows Media Player is
§ required to listen to the broadcast; please download
§ well in advance of call.
§ By telephone: 1-800-387-6216 toll free or (416) 405-9328. Please allow
§ 10 minutes to be connected to the conference call.
§ Replay Instant replay will be available beginning approximately
§ one hour after the call at 1-800-408-3053 toll free or
§ (416) 695-5800 and enter passcode 3100113(pound key)
§ until midnight ET October 4, 2004.
§ Note: The Strategic Review Presentation will be available for
§ viewing at www.aircanada.ca/about-us/investor/index.html
§ approximately one hour before the conference call /
§ audio web cast begins.
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MONTREAL (Dow Jones-VWD)--Die Air Canada, Montreal, hat mit dem brasilianischen Flugzeughersteller Embraer einen definitiven Kaufvertrag über 45 Maschinen unterzeichnet. Zudem wurde eine Option über die Lieferung von weiteren 45 Flugzeugen vereinbart, wie Air Canada am Mittwoch mitteilte. die Auslieferung soll im November 2005 beginnen. Die Vereinbarung bestätige eine zweite Tranche des im vergangenen Jahr bereits genannten Kaufprogramms über insgesamt 105 kleine Flugzeuge. -Von Judy McKinnon, Dow Jones Newswires; +49 (0) 6196 405 395 unternehmen.de@dowjones.com (ENDE) Dow Jones Newswires/29.9.2004/nas/rio
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MONTREAL, Oct. 6 /CNW Telbec/ - Air Canada reported a system load factor of 79.2 percent in September 2004, the highest ever for September. The mainline carrier flew 9.5 percent more revenue passenger miles (RPMs) in September 2004 than in September 2003, according to preliminary traffic figures. Overall, capacity increased by 1.5 percent, resulting in a load factor of 79.2 percent, compared to 73.4 percent in September 2003; an increase of 5.8 percentage points. In the domestic market, capacity decreased by 10.3 percent while traffic increased 0.5 percent resulting in a domestic load factor of 79.3 percent - an 8.6 percentage point increase year over year.
Jazz, Air Canada's regional airline subsidiary, flew 7.9 percent more revenue passenger miles in September 2004 than in September 2003, according to preliminary traffic figures. Capacity decreased by 10.8 percent, resulting in a load factor of 66.2 percent, compared to 54.7 percent in September 2003; an increase of 11.5 percentage points.
"In September ongoing disciplined capacity management and the growing popularity of Air Canada's web fares resulted in a sixth consecutive month of record load factors," said Rob Peterson, Executive Vice President and Chief Financial Officer. "Our record domestic performance was also supported by the strong traffic flows across Canada from international services, particularly from Japan. We are clearly the airline of choice for the lowest fares to the greatest number of destinations on an everyday basis."
http://biz.yahoo.com/cnw/041006/e_aircdn_traffic_1.html
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Friday October 15, 8:00 am ET
MONTREAL, Oct. 15 /CNW Telbec/ - ACE Aviation Holdings Inc. will be releasing unaudited consolidated third quarter financial statements of Air Canada by November 15, 2004. Pending this release, the Corporation is announcing its estimated unaudited consolidated operating income in order to provide current information to stakeholders on its recent operations given record high fuel prices and the deteriorated performance of US carriers.
The Corporation expects to record an estimated $235 million of unaudited consolidated operating income before reorganization and restructuring items for the third quarter of 2004. This estimate represents a major improvement from the $17 million of operating income before restructuring and reorganization items reported in the third quarter of 2003.
ACE Aviation Holdings Inc. Chairman, President and CEO Robert Milton expressed satisfaction with the results. "Against the current background of record oil prices, our estimated third quarter operating profit of $235 million reflects the tremendous progress made by Air Canada's employees over the last eighteen months of restructuring," said Mr. Milton. "Revenues are strong and unit costs are down, even in the face of a 41 per cent rise in base fuel prices. These results would have been further improved had post- emergence accounting been in effect.
"The airline again posted a record load factor every month this quarter while operating at strong on time performance and flight completion levels. While the third quarter is our seasonally strongest quarter, the results achieved point to an airline that is not only profitable in a difficult fuel and North American yield environment, but also to an airline that is running well operationally.
"Our new business model and product strategy is producing the desired results and we are seeing growing customer confidence in Air Canada as the airline of choice for the lowest fares to the greatest number of destinations on an everyday basis.
"The progress reported today was made possible through the hard work, dedication and sheer resilience of Air Canada's employees. I thank them for their ongoing support and willingness to accept the necessary change to ensure the airline's successful restructuring. And on behalf of all of us at Air Canada, I thank each and every customer who supported us during the past eighteen months. We remain committed to earn their ongoing loyalty through excellent customer service and as always an uncompromising focus on safety," concluded Mr. Milton.
As a result of higher overall system traffic and yield, consolidated passenger revenues have shown a marked recovery in all markets with the exception of the US transborder market. Air Canada estimates that consolidated system passenger revenues will increase by approximately 12 per cent over the third quarter of 2003. Passenger revenue per ASM (RASM) is expected to be up approximately 6 per cent over 2003 levels.
Air Canada anticipates unit cost reductions of approximately 4 per cent from the same quarter last year (11 per cent excluding fuel) on an ASM capacity increase of 6 per cent. These unit cost reductions are mainly due to cost reduction initiatives undertaken during the restructuring process which largely began to take effect in the third quarter of 2003.
Current record high fuel prices are a concern, however, the increase in fuel expense has been partially mitigated by a fuel surcharge in effect on US transborder and international travel and by a stronger Canadian dollar.
As at October 13, 2004, the Corporation's consolidated cash balance, measured on the basis of cash in its bank accounts, amounted to approximately $1.9 billion.
As in prior quarters, as a result of restructuring under CCAA, the third quarter 2004 results will reflect a number of very significant reorganization and restructuring charges directly associated with the restructuring which will be included in net income. Air Canada's complete 2004 third quarter results will be made available on Air Canada's website aircanada.com and at SEDAR.com by November 15, 2004. A copy may also be obtained on request by contacting Shareholder Relations at (514) 422-7578.
This Season's 'Hot' Ticket: New Air Canada 'Sun Pass' Multi-Trip Pass Offers Great Value and Flexibility for Snowbirds and Sunseekers Travelling from Montreal & Toronto to U.S. Sun Destinations
Saturday October 16, 11:16 am ET
MONTREAL, Oct. 16 /CNW Telbec/ - Following the success of the airline's multi-trip Latitude Passes and Fly City passes, Air Canada today introduced the Sun Pass, offering multi-trip passes of six one-way Flight Credits for flights from Montreal or Toronto to popular U.S. sun destinations including Florida and Las Vegas.
The new multi-trip Sun Pass offers frequent travellers the convenience of online booking simplicity, along with average savings of 15 per cent off the carrier's popular Fun fares, along with no advance purchase, no minimum stays and Aeroplan mileage accumulation.
"We expect that the Sun Pass will receive a very warm welcome from customers," said Montie Brewer, Executive Vice President, Commercial. "Sun Passes are the natural next step in Air Canada's growing selection of multi passes. Like Latitude and Fly City passes, they are designed with the frequent customer in mind, offering total planning flexibility, online simplicity, great savings and a choice of our most popular U.S. sun destinations."
The Sun Pass offers customers peace of mind and predictable prices with locked-in, value-priced fares good for six one way trips. The multi-pass also reduces the hassle and time spent buying individual tickets and allows customers to change their mind - and their sun destination - for a $30 fee.
"Air Canada is leading the way in offering more value and more flexibility and Sun Pass multi-passes are just one excellent example of this strategy in action," said Brewer. "We intend to build on this in the future by offering even more specialized products and services that put control back into the hands of our customers through online convenience at aircanada.com."
Discount Multi-trip Pass with Online Convenience
------------------------------------------------
Designed specially for frequent travellers seeking exceptional value and flexibility, Air Canada's new Sun Passes are available exclusively online at aircanada.com for six flight credits, each credit valid for a one way non-stop or same direct flight number flight from Toronto or Montreal to select U.S. sun destinations. Sun Passes may be purchased anytime with no advance purchase and no minimum stays.
To purchase a Sun Pass, customers visit the aircanada.com site, click on 'Flight Wallet' on the home page and enter their Aeroplan membership number and personal identification number. Convenient online access through the customer's personalized Flight Wallet at aircanada.com provides an easy and quick way to book travel, make changes and access account information on remaining travel credits. Fly City Passes are currently available exclusively to residents of Canada and are valid for travel 353 days from date of purchase and are non-refundable and non-transferable. Other conditions include fee for changes to initial Flight Credit reservation and use of Aeroplan Special System wide upgrade certificates. Flight credit cancellation and re-crediting are also subject to a fee.
Aeroplan Mileage
----------------
Like Air Canada's Fun fare product, the carrier's Sun Passes offer customers 100 per cent Aeroplan Status Mile accumulation for every mile flown in addition to a purchase incentive of one Aeroplan Mile for every $3 spent.
§ Choice of Two Sun Passes
§ ------------------------
§ Sun Toronto to/from: Fort Lauderdale, Orlando, Miami, Tampa, Fort
§ Myers(x), West Palm Beach(x), Phoenix, Las Vegas. six credits: $1,554
§ (plus GST)
§ Sun Montreal to/from: Fort Lauderdale, Orlando(x), Miami, Tampa(x), Fort
§ Myers(x), West Palm Beach(x), Las Vegas. six credits: $1,554 (plus GST)
§ (x)seasonal routes
Air Canada's new Sun Pass joins a growing range of specialized multi-trip pass products such as: Fly City Pass, a series of eight discount air pass products for frequent fliers on popular domestic Canada and U.S. transborder routes, from coast to coast; Latitude Pass for Rapidair customers between Toronto, Montreal and Ottawa, and Latitude Pass for the West now available for travel on 17 routes throughout western Canada. Air Canada's new online products represent a further step in Air Canada's comprehensive strategy to provide optimum value and simplicity and to put more control in customers' hands through automation.
Five simple fares for flying Air Canada: Airline leads the way to next level of convenience with elimination of "Saturday Stay, Round Trip" rules
Sunday October 17, 10:00 am ET
MONTREAL, Oct. 17 /CNW Telbec/ - Air Canada today announced that it is taking another big step toward further simplifying its fare structure and increasing customer convenience by eliminating its Econo fare category effective immediately -- along with minimum stay and round trip requirements for fares on all continental North America flights.
By eliminating the Econo fare type, the airline is moving from six fare categories to just five simple fare types - Tango, Fun, Latitude, Freedom and Executive Class - one-way fares that permanently offer best all-round value, and all without the hassle of minimum stay and round trip rules.
"Enforced Saturday stay-overs and return fares are the bane of air travelers and the last vestiges of old-style airline pricing. We're delighted to get rid of them and stop telling customers where to spend their weekends," said Montie Brewer, Executive Vice President, Commercial. "Now there's no minimum stay required and no need to fly round-trip to get Air Canada's best fares in continental North America. By removing these rules, we've reached another milestone in giving customers simple, flexible and easy-to-use fares. This builds on our simplified fare structure and demonstrates Air Canada's commitment to innovation and customer choice."
Customers are choosing Air Canada's simplified fares in increasing numbers due to instant access to the lowest available fares and the ability to select one of five simple and distinct fare types. Air Canada's ultra-clear web display distinguishes itself from that of most carriers by showing all travel options on one screen and allowing customers to easily compare price, benefits, flexibility and attributes. Moreover, Air Canada customers can make complete or partial changes to most reservations directly online. In addition to the Aeroplan Miles earned on eligible fares, every flight booked at aircanada.com earns one additional Aeroplan Mile for every $3 spent on all domestic Canada and transborder U.S. travel.
Air Canada now offers five different types of fares for five different types of airline trips from ultra-low priced, fixed-schedule travel with Tango fares to full-featured, flexible business travel with Executive Class fares. Each fare category is priced according to its built-in benefits (flexibility, refundability, level of Aeroplan mileage accumulation, lounge access etc.) giving Air Canada customers the unique ability to select the specific fare category and benefits they need for the type of journey they're planning.
§ Tango Great all-around value and lowest one way fares:
§ - Available online at aircanada.com
§ - No minimum stay
§ - Advance purchase may apply
§ - Unlimited changes on eligible routes for a minimal fee ($30)
§ plus any fare difference
§ - Non-refundable
§ - Customers receive 50% non-status Aeroplan Miles
§ - Paid advance seat selection
§ - No airport same day change and standby
§ Fun Best value - highly competitive, deeply discounted one way
§ fares with airport same day changes:
§ - No minimum stay
§ - Complimentary advance seat assignment
§ - Advance purchase may apply
§ - Unlimited changes prior to day of departure on eligible
§ routes for a minimal fee ($25), plus any fare difference
§ - Day of departure changes ($50 & no charge for fare
§ difference)
§ for same day flights only.
§ - Non-refundable
§ - Customers receive Aeroplan Status Miles (50% for travel
§ within Canada; 100% for U.S. transborder travel)
§ Latitude Fully flexible, significantly discounted one way fares:
§ - Purchase anytime
§ - Unlimited changes at no cost
§ - Fully refundable
§ - Same day standby at the airport
§ - Complimentary advance seat assignment
§ - Customers receive 100% Aeroplan Status Miles
§ Freedom Maximum flexibility and convenience; one way fares with full
§ and immediate access, no constraints:
§ - Confirmed upgrade up to 24 hours
§ - Purchase anytime
§ - Same day standby at airport
§ - Unlimited changes at no cost
§ - Fully refundable
§ - Complimentary advance seat assignment
§ - Priority check-in, boarding and baggage handling at Canadian
§ airports
§ - Access to Maple Leaf Lounges at Canadian airports
§ - Customers receive 125% Aeroplan Status Miles
§ Executive All the advantages of Air Canada Executive Class with
§ Class substantial savings:
§ - Full flexibility with no restrictions
§ - Priority check-in, boarding and baggage handling
§ - Complimentary advance seat assignment
§ - Maple Leaf Lounge access
§ - Executive Class cabin seating
§ - Complimentary alcoholic beverage and premium meal/snack
§ service
§ - Customers receive up to 150% Aeroplan Status Miles
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Tuesday October 19, 12:00 pm ET
MONTREAL, Oct. 19 /CNW Telbec/ - Thousands of Air Canada employees, joined by Canada's international superstar Celine Dion, today marked the beginning of a new era for the nation's flag carrier with the unveiling of a contemporary new look and leading edge in-flight product enhancements that will place Air Canada on the forefront of international air carriers.
Today and tomorrow, Air Canada is holding events in Toronto, Montreal, Calgary and Vancouver to present what the restructured, revitalized national carrier holds in store for employees and the travelling public: an updated design and colour scheme for its fleet, new uniforms for its front line staff as well as leading edge entertainment systems and luxurious lie-flat seats for customers.
"Today we unveil the Air Canada of the future to the people who made it all happen - Air Canada's employees," said Robert Milton, President and Chief Executive Officer. "I thank our employees. It is through their hard work, loyalty and willingness to accept change that Air Canada has been transformed and positioned to succeed as a profitable, growing, competitive company in a rapidly changing industry. As difficult as it was, the results so far are very encouraging.
"Air Canada's future success will be driven by the loyalty of our customers. The initiatives announced today signal a renewed focus on providing our customers with value-driven products and services that place Air Canada on the forefront of international carriers. A new look for our aircraft, inside and out, new uniforms for front-line staff and a modernized brand image convey the re-energized Air Canada to our customers and the world. It means an airline that is recognized for excellence world wide and whose employees are driven by the passion to succeed - not unlike the qualities for which Celine Dion, is known the world over.
Continued Mr. Milton, "All of us at Air Canada are honored to have this great Canadian icon with us today as we present the new Air Canada to the world."
"This is such an exciting time for Air Canada. It is truly a privilege to share this moment with you," said Celine Dion, wearing the stylish new Air Canada uniform as she addressed the carrier's employees. "It's been great working together with you on my latest music video and an honour to perform the song, 'You and I...were meant to fly,' to promote Air Canada and this great country around the world. Like you, I give it my best, day in and day out, to transport people and help them to realize their dreams, all over the world. We are all ambassadors for Canada, and from what I can see today, you and I were meant to fly." Joining Celine Dion onstage at each event was a chorus of Air Canada employees chosen through nation wide auditions to accompany the international superstar perform her May release "You and I...were meant to fly." The song is featured in the carrier's new television and radio advertising campaign that introduces the newly transformed Air Canada to the Canadian public. The campaign, created by Air Canada's advertising agency of record, Montreal-based Marketel, begins October 21, 2004.
Air Canada also announced today that it will launch a cooperative advertising campaign with the Canadian Tourism Commission to jointly promote Canada as a travel destination in markets outside the country. Major print and broadcast advertising campaigns are slated to begin in select markets in the United States and Great Britain in early 2005. By sharing costs and leveraging their respective strengths, Canada's flag carrier together with Canada's national tourism promoter will generate greater impact in international markets for the benefit of Canada's tourism and hospitality industries.
A new look for the fleet: Inside and out
Air Canada unveiled its new livery design with a display of a Boeing 767 aircraft sporting an updated design and colour scheme. Following their first stop over this morning in Toronto for employees to see the new contemporary look, the aircraft continued on to an event for employees at the carrier's headquarters in Montreal before continuing on to events in Calgary and Vancouver.
Air Canada's new updated livery, designed by FutureBrand Worldwide, features fresh clean lines and lighter colours; a more modern look with added energy that reflects Air Canada's approach to streamlining customer service and developing innovative products through simplification.
The distinctive Air Canada Maple Leaf in red on the tail of its aircraft will now be complemented by a graphic dot pattern representation called the "Frosted Leaf" in a light shade of green. In addition to its use on the exterior of the aircraft, the new colour scheme will be used throughout the interiors of aircraft and eventually across all corporate identity applications.
New uniforms for front line staff convey contemporary sophistication
Created by Canadian fashion designer, Debbie Shuchat, the new uniforms for Air Canada's 6,700 flight attendants and 2,900 airport customer service agents embody classic sophistication with contemporary flair. Inspired by a retro couture look, Shuchat has modernized the designs with softer, contoured lines in a style that is clean, fluid and simple.
Men's and women's suits will be in Midnight Blue with Silver Sky lining. Shirts and sweaters will also be in Silver Sky, accessorized with ties and scarves recalling the new livery's Frosted Leaf graphic design with a subtle tone-on-tone iridescence. Wear testing by employees will be conducted in the first half of 2005, followed by production of the final designs that will have incorporated feedback from employee groups. It is expected that Air Canada's front line employees will begin wearing the new uniforms in late 2005.
New leading edge in-flight enhancements
Air Canada today unveiled a new in-flight entertainment (IFE) system that will bring all of its customers leading edge video and audio on demand with a choice of up to 80 hours of programming on personal television screens at each seat. Air Canada will thus become the first airline in the Americas to offer fully interactive, personalized entertainment choices to all customers on all of its aircraft.
The system will consist of touch screen capability that gives each customer complete fully interactive programming control for making personalized entertainment choices and features digital image and surround sound quality. Introduction of the new system is scheduled to begin with the arrival of new Bombardier CRJ 705 aircraft in May 2005, and installation on the airline's international fleet beginning September 2005. The selection of the manufacturer will be announced upon finalization of the contract.
Air Canada also confirmed today that it will proceed with the introduction of the newest generation of premium lie flat seating for all of its Executive First international customers in order to ensure that its Executive First customers experience the very best in comfort available. Air Canada expects to introduce luxury lie flat seating across its international fleet beginning as early as September 2005. The selection of the manufacturer will be announced upon finalization of the contract.
"Just as we have invested in the renewal of our North American fleet with new, smaller jet aircraft, we must continue to invest strategically in other areas including in-flight products to remain competitive in domestic and international markets," concluded Mr. Milton. "We must invest to earn the ongoing loyalty of our customers. As we have seen today, Air Canada and its people will be better equipped than ever to meet new challenges head on and succeed."
The wide ranging initiatives announced today will be implemented strategically and economically to minimize costs. Painting of the livery will be accomplished as part of the carrier's regularly scheduled maintenance program over a two year period. The transition will be accelerated as a result of the upcoming delivery of new Embraer aircraft beginning in 2005. To achieve consistency fleet wide in a timely and economical manner, a transitional livery decal will be applied to aircraft tails. The carrier's new advertising campaign is also being produced within the parameters of existing marketing budgets. The introduction of the new uniform for front line staff, last redesigned in 1995, will be undertaken with both cost and the comfort of employees top of mind.
§ Note to Photo Editors: High resolution, downloadable color photos of the
§ event, participants and new livery will be made available at
§ http://www.aircanada.ca/about-us/media/facts/logo.html under "Facts and
§ Photos".
§ Note to Editors: Fact sheets on the following topics are available online
§ at http://www.aircanada.ca/about-us/media/facts/products/index.html
§ - In-Flight Enhancements Place Air Canada at the Leading Edge
§ - A New Contemporary Look For Air Canada's Fleet
§ - New Uniforms For Air Canada Front Line Staff Convey Contemporary
§ Sophistication
§ - Air Canada Employees Perform with Celine Dion
§ - Celine Dion Performs the Song "You And I...Were Meant To Fly": Theme of
§ Air Canada's New Advertising Campaign
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Die ACE Aviation Holdings Inc., die ehemalige Air Canada Inc., teilte am Montag mit, dass sie im dritten Quartal einen operativen Gewinn vor Sondereffekten in Höhe von 243 Mio. Dollar nach 17 Mio. Dollar im Vorjahr erwirtschaftet hat.
Kanadas größte Fluggesellschaft, die am 30. September den Gläubigerschutz verlassen hat, wies einen operativen Umsatz von rund 2,5 Mrd. Dollar nach 2,23 Mrd. Dollar im Vorjahr aus, was einer Steigerung um 12 Prozent entspricht. Inklusive der Kosten für die Reorganisation und Restrukturierung der Fluglinie lag der operative Verlust bei 81 Mio. Dollar.
Zum 9. November belief sich der Barbestand des ACE (NYSE: ACE - Nachrichten) -Konzerns auf rund 1,9 Mrd. Dollar. Die Verbindlichkeiten haben sich von zuletzt 5 Mrd. Dollar auf nun ca. 4 Mrd. Dollar reduziert, was vor allem mit dem stärkeren C-Dollar zusammenhängt.
TABELLE/Air Canada - Verkehrszahlen November 2004
Dienstag 7. Dezember 2004, 15:46 Uhr
November (30.11.) 2004 2003
Sitzmeilen
- angebotene (Mrd) 3,655 3,793
- verkaufte (Mrd) 2,727 2,625
Sitzladefaktor (%) 74,6 69,2
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Star Alliance sieht Umsatzplus mit Firmenkunden 2004 von 25%
BANGKOK (Dow Jones-VWD)--Das Luftfahrtbündnis Star Alliance rechnet für ihr Firmenkundenprogramm "Corporate Plus" in diesem Jahr mit einem Umsatzanstieg von über 25% auf über 1,5 Mrd EUR. Wie die Organisation, in der die Deutsche Lufthansa AG vertreten ist, am Montag mitteilte, wurden von den Mitglieds-Airlines bislang 35 globale Firmenkundenverträge im Volumen von 1,5 Mrd EUR unterzeichnet. Im Rahmen des Programms können Unternehmen eine beliebige Star-Airline kontaktieren und dabei das Streckennetz und den Service aller in der Organisation vertretenen Fluggesellschaften nutzen.
In der Star Alliance sind neben der Lufthansa unter anderem Air Canada, Scandinavian Airlines, Singapore Airlines, United, US Airways und VARIG vertreten. Die Mitglieder bieten täglich über 14.000 Flüge zu 772 Zielorten in 133 Ländern an.
--------------------------------------------------
UPDATE 1-Judge adds WestJet chief to Air Canada lawsuit
Thu Dec 23, 2004 03:49 PM ET
(Adds details, background, stock prices)
MONTREAL, Dec 23 (Reuters) - An Ontario court judge has added the chief executive of WestJet Airlines Ltd. (WJA.TO: Quote, Profile, Research) as a defendant in Air Canada's (ACErv.TO: Quote, Profile, Research) C$220 million ($179 million) corporate espionage lawsuit against the no-frills carrier.
In a statement on Thursday, Air Canada said an Ontario Superior Court judge had issued an order adding Clive Beddoe, who is also chairman, president and co-founder of WestJet, and four other WestJet executives to the lawsuit.
WestJet did not oppose the motion, Air Canada said.
The court development is the latest in an increasingly bitter and personal dispute between the rival airlines and their leaders over allegations that senior WestJet managers gained access to private Air Canada data through an employee Web site nearly a quarter of a million times over almost a year.
According to Air Canada's claim, which has not been proven in court, Calgary-based WestJet used the data to adjust commercial strategies such as flight schedules to better compete against the Montreal carrier.
In early November, Air Canada, the country's dominant airline and world No. 13, sought to add Beddoe to the lawsuit, a move the WestJet chief said at the time was a "pretty low blow" and attempt to personalize the dispute.
Just last week, WestJet launched its own C$30 million lawsuit against Air Canada, saying the bigger airline was abusing the court process as part of a campaign to destroy the discount carrier.
WestJet's lawsuit named Robert Milton, chairman, president and chief executive of ACE Aviation Holdings Inc., Air Canada's parent, and other executives at the airline.
ACE Aviation shares were down 19 Canadian cents at C$35.80 on the Toronto Stock Exchange on Thursday afternoon, while WestJet shares were up 35 Canadian cents at C$12.15.
The dispute and weaker operating results have weighed on WestJet stock, which has dropped about 11 percent over the past three months.
ACE Aviation shares have advanced about 80 percent from their C$20 issue price when Air Canada emerged from 18 months of court protection from creditors at the end of September.
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Air Canada airlifts relief supplies to Indonesia; Launches in-flight donations program for tsunami victims
Thursday December 30, 6:00 pm ET
Editors:§ MONTREAL, Dec. 30 /CNW Telbec/ - In response to the unprecedented
devastation brought by tsunamis in Southeast Asia, Air Canada is working
around the clock with Canadian aid agencies and airline industry partners to
support relief efforts in the region as quickly as possible.
§ Air Canada will provide dedicated relief flights to Sumatra, Indonesia
carrying supplies collected by World Vision Canada and the airline's caterer,
Cara Foods. Plans are under way for two relief flights loaded with up to a
total of 130 tonnes of cargo to depart Canada the first week of January 2005.
Air Canada will continue to work closely with aid agencies to arrange for
further shipments of supplies into the region as required.
§ Included in these initial shipments to be distributed locally by World
Vision will be pharmaceuticals, general medical supplies, water purification
equipment, non-perishable foods, clothing and shelter materials.
§ "On behalf of Air Canada and its more than 30,000 employees worldwide, I
want to express our sadness and extend our condolences to those affected by
this terrible catastrophe," said Robert Milton, Chairman, President and CEO of
ACE Aviation Holdings. "Air Canada will do its part in the international
relief effort to assist individuals and companies to get their support to
those in greatest need, as quickly as possible. Hopefully, with contributions
such as these provided by charities, industry partners, employee volunteers
and our customers, together we can help rebuild some of the losses felt by
those less fortunate in Southeast Asia. We look to suppliers and other
Canadian corporations to participate in this important initiative."
§ In addition, Air Canada today announced a partnership with the Canadian
Red Cross to help raise funds to assist people affected by the December 26
tsunamis in Southeast Asia. Beginning as early as Saturday January 1, 2005,
Air Canada flight attendants will distribute and collect Red Cross donation
envelopes on flights across its entire network.
§ "This program provides one more opportunity for Air Canada customers -
Canadians and travellers from around the world - to show their support and
solidarity for the vital activities that Red Cross is undertaking at this time
of crisis," continued Mr. Milton.
§ Air Canada has also implemented a flexible booking policy to assist its
customers who wish to make changes to their travel plans to and from the
regions affected.
§ Air Canada customers with confirmed tickets purchased on or before
December 26, 2004 for travel on or before January 31, 2005 to, from or through
Colombo, Sri Lanka; Indonesia; Penang and Langkawi, Malaysia; Madras, India;
The Maldives; and Thailand may make changes prior to their original travel
date without penalty.
§ These flexible booking conditions apply to flights operated by Air Canada
and Air Canada codeshare flights, indicated with the AC flight code. As Air
Canada does not operate its own flights into the region, it reminds customers
that changes to bookings for flights to and from affected areas that are not
operated by Air Canada and are not codeshare flights, are subject to the
policies of the operating carrier.
§ For assistance with changing travel plans, customers are advised to
contact their travel agent or Air Canada Reservations. Air Canada staff will
endeavour to accommodate customers on the earliest available flight if they
wish to leave an affected area.