Air Canada will redeem exchangeable distressed preferred shares

By Jeff Pines

Washington, Sept. 28 - Air Canada Inc. said once it issues its exchangeable distressed preferred shares on emergence from bankruptcy it will redeem all of them. Holders will receive one share of ACE Aviation Holdings Inc. for each of their exchangeable distressed preferred shares as required by Air Canada's reorganization plan.

ACE Aviation Holdings is Air Canada's new corporate parent created under the reorganization plan.

Montreal-based Air Canada plans to emerge from bankruptcy on Sept. 30, which is when it expects to issue the shares.

Air Canada filed for bankruptcy protection on April 1, 2003.

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