"The overhaul of Air Canada is proceeding as corporate restructurings usually do: the lawyers and advisers get rich; everyone else gets hosed. The airline filed for protection under the Companies' Creditors Arrangement Act on April 1. Since then, the legal bill has followed the trajectory of an airplane at takeoff. The court-appointed monitor in the restructuring, Ernst & Young, reports that professional fees (which include payments to restructuring advisers) exceeded $5.5 million in May. It forecasts another $7.5 million will be sucked out by the end of August. And that's just at Air Canada. Lawyers representing bondholders, trade creditors and nine unions have also been billing clients several hundred dollars an hour while the company struggles to find a way out of its financial quagmire."
(Canadian Business Magazine)

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