Originally Posted by exAC
The Monitor (Ernst and Young) oversees everything.
Business trips need Branch Head (VP) approval and are regularily turned down. All material purchases are reviewed by the monitor and must receive their approval. Any change to contracts or policy must be vetted by the monitor.
Getting anything done at Air Canada has been very slow for the last 14 months.
I think you mean "capital" purchases or does the monitor actually sign-off on every purchase order?. But my point was that "monitor" and "trustee" are very different. A trustee comes in to oversee a company once it has fallen into full-blown bankruptcy, and is typically a prelude to liquidation; the board and executive are effectively out at this point. Here the Executive and Board are still running the company but under the eye of the Monitor as to any significant decisions.
None of this however addresses the real issue, which is that policy decisions made by the Executive and Board prior to CCAA have contributed to their current situation.