Air Canada's largest union greeted the airline's plan to seek out a new equity investor to inject C$250 million (US$182.5 million) in the airline with cautious optimism Sunday.
Dave Ritchie, Canadian head of the International Association of Machinists and Aerospace Workers, said he was pleased to see the new process involves a deal that doesn't have conditions requiring changes to the union's court-approved pension plans or contracts.
"I think that's extremely important to all of us in that process," Ritchie said.
The court-appointed bankruptcy monitor overseeing Air Canada's restructuring has recommended court approval of the airline's plan to seek out a new equity investor, after its deal with Hong Kong billionaire Victor Li's (
Under the new plan, the monitor said any new investment proposal cannot contain any condition requiring the renegotiation of any collective bargaining agreement or changes in design of pension plans.
The rule is key as Trinity decided to walk away from its investment in the airline after it failed to get changes to the airline's pension plans that it said were key to the future survival of Air Canada.
"We're looking for a long-term solution. We're not looking for someone who's going to come in and make a quick buck," said Ritchie, whose union represents 11,500 technical operations, ground service, clerical and financial personnel at the airline.
However Canadian Auto Workers spokesman Gary Fane said while the monitor's report suggests the unions' monitor-approved contracts should be left untouched, Air Canada is seeking another C$200 million (US$146 million) in cost reductions.
"It seems a contradiction of what the left hand and the right hand are doing," Fane said.
Air Canada is seeking an investor with C$250 million (US$182.5 million) to invest in the airline for a 12 percent stake instead of the C$650 million (US$474.6 million) that was to have been provided by Trinity.
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