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Air Canada signs deal for five-year loan worth US$78 million

December 22, 2008 - 16:47

By: THE CANADIAN PRESS

MONTREAL - Air Canada (TSX:AC.B) said Monday that it has signed a deal for a five-year loan for US$78 million with Calyon New York Branch and Norddeutsche Landesbank Girozentrale.

The airline said the deal is part of a plan to improve short-term and longer-term liquidity.

The loan, worth about C$95 million, will mature in December 2013.

Earlier this month, the cash-strapped airline signed a deal to receive $70 million from Groupe Aeroplan Inc. (TSX:AER) to help tide it over during its seasonally slow winter season.

Under that deal, Aeroplan will pay the airline when bookings are made and will resume a 45-day delay in payments next spring.

Air Canada shares were down 11 cents or seven per cent at $1.45 on the Toronto Stock Exchange on Monday.