Canadian Air halts some payments to lenders and aircraft lessors
Feb 2, 2000, 8:09 am
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Canadian Air halts some payments to lenders and aircraft lessors
MONTREAL (Reuters)Canadian Airlines Corp. said it plans to halt payments for about C$135 million ($93 million) owed to lenders and aircraft lessors as part of a debt restructuring plan under which it is seeks concessions from creditors.
Calgary-based Canadian, which in December was acquired by Canada's No. 1 airline, Air Canada, said all amounts involved will be repaid on a basis still to be negotiated.
A normal payment schedule is expected to resume in late April 2000, following approval of a debt restructuring plan by all interested parties.
Calgary-based Canadian, which in December was acquired by Canada's No. 1 airline, Air Canada, said all amounts involved will be repaid on a basis still to be negotiated.
A normal payment schedule is expected to resume in late April 2000, following approval of a debt restructuring plan by all interested parties.
