The national TV news programs are announcing that the Canadian federal government is about to bail out Air Canada to the tune of Cdn$500-600 million, but only if the company enters into bankruptcy protection, similar to Chapter 11 in the USA. AC is $13 billion in debt, having started with a debt free company when it went public in 1988! Also announced was the fact that Robert Milton would have to "restructure" the company again; given its performance, I think it is time he is shown the door, but that will likely cost another few million in severance.
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