Air Canada has exited bankruptcy protection with C$1.9 billion ($1.5 billion) cash on hand, a cleaner balance sheet and a new corporate structure. The Star Alliance carrier says it has completed restructuring that resulted in a reduction of more than C$7 billion in net debt and capitalised operating lease obligations from C$12 billion to less than C$5 billion. With Air Canada's emergence, an aircraft lease restructuring agreement with GE Capital Aviation Services has been put into effect. The agreement includes restructuring existing aircraft leases and financing the acquisition of new regional jets. Last month the airline signed a purchase agreement with Bombardier covering a firm order for 15 50-seat CRJ200s, 15 75-seat CRJ705s and "conditional orders" for an additional 15 CRJ200s. The Canadian carrier also signed a purchase agreement for 45 Embraer 190 aircraft and options for a further 45.
Source: Flight International
