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An Air Canada passenger jet performs a fly-by during an event to celebrate the company's emergence from bankruptcy restructuring in Toronto Tuesday, Oct. 19, 2004. The airline unveiled a new paint scheme, new uniforms and new promotional material featuring Celine Dion's songs. (CP PHOTO/Frank Gunn)
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INDEPTH: AIR CANADA
Introduction
CBC News Online | April 27, 2005
Inaugurated in 1937 with $5 million and three airplanes, Air Canada - then known as Trans-Canada Air Lines - began life as Canada's first national carrier. Sixty-five years later the airline had grown to a fleet of 232 aircraft. It also had a very grown-up money problem: a whopping $12-billion debt. Things had clearly taken a turn for the worse.
In April 2003, Air Canada was granted protection from its creditors. This followed record losses as the tourism industry was decimated by terror outbreaks, SARS and fuel price increases.
Air Canada announced a new board of directors, cut costs, and reached agreements with its unions to cut jobs and resolve financial disputes. The company then emerged from bankruptcy protection in September 2004.
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