Air Canada ! AC ! ACA

pascal83 a écrit:
http://www.reuters.com/article/marketsNews/idUKBNG39272820090217?rpc=44
Air canada serait sur le point de se placer sous le chapitre 11, elle ne pourrait garantir l'emprunt.
A suivre

Beochien a écrit: 100 % exact ! Et 100% scandaleux !

Beochien a écrit: Mais Airbus l'avait plus ou moins fait avec US Airways ... non ??
Pour forcer la porte aux USA ! de mémoire !

Beochien a écrit: A mon avis d'ailleurs, ils vont devoir le faire pour pas mal de compagnies ... il y aura une file !

Beochien a écrit: Le 777, serait rentré discrètement, personne ne l'a vu partir (Buzz Anet) aprés 8-10 jours ???
De toute façon AC n'en avait pas vraiment besoin because basse saison !
Béochien

Beochien a écrit:J'ai vu dans le Buzz il y à 6 mois peut être, l'expression "Scarce" côté dispo pour les GE 90 -115 !
Juste penser au nombre de GE nécessaires dans les MRO des compagnies "Sérieuses" pour assurer les rotations !

Donne une idée de la demande !
Un grand négoce GE ? Pas sûr !

sevrien a écrit:

pascal83 a écrit:
http://www.reuters.com/article/marketsNews/idUKBNG39272820090217?rpc=44
Air canada serait sur le point de se placer sous le chapitre 11, elle ne pourrait garantir l'emprunt.
A suivre

C'est surtout le tanderm Boeing & GE (GECAS) qui veulent qu'Air Canada soit mis sous la protection de Chapter 11 ! Ils veulent protéger leurs créances, et leurs appareils et moteurs !

Tout ce désordre chez AC, après que ce dernier, ...dont l'état financier et le credit rating ne valaient pas un pet de lapin, fût sauvé d'insolvabilité et de la faillite par des injections massives d'aide financières et de facilités de financement !

Grâce aux :
-- financements de Boeing et de GE / GECAS, pour les avions Boeing et moteurs GE,
-- et aux subsides du Gouvernement fédéral du Canada, plus les dons du Gouvernement de la Province de Québec (désireux d'aider Bombardier, qui a aidé AC à s'équiper en CRJ, à moteurs CF-34, financés par GE / GECAS....),
-- AC a pu "vider" Airbus et RR, entre autres, sauf pour les éventuels appareils de la famille A320, à motorisation CFM-56 (GE / GECAS oblige,..... avec ou sans l'entremise de l'Exim Bank ? ), pour ce ré-équiper avec des avions hypzer-performlants ey hyperéconomiques, qui allaient aider AC à redécouvrir le chemin des profits, ... soit :
-- des B777-300ER (déjà 2 x IFSD avec déroutement sur l'Alaska),
-- des B787 dont AC ne sait pas encore le début des dates de livraison, ... ; mais diont AC sait déjà que ces derniers auront une efficacité de consommation, de performance économique générale, & un rayon d'action, bien inférieurs aux données correspondantes promises par Boeing & GE, au moment où AC passé commande chez ces deux acteurs !

Avec de tels amis, qui a besoin d'ennemis ? !

Boeing & GE se sont comportés comme une paire de catins : tout le pouvoir, et zéro responsabilité !

En fait, où en est le B777-300ER, en panne de moteur GE90-115B ?

Il faut s'exprimer contrer des âneries pareilles !

Ce qui précède est la stricte vérité ! Y a-t-il un seul dirigeant ou responsable de Boeing, de GE / GECAS, de Bombardier, du Gouvernment de Québec, ou du Gouvernement fédéral, du Canada qui oserait contredire, dans un débat ouvert, sur la place publique ?

The European Union is set to sign an 'open skies' agreement with Canada, under which Canadian and European Union airlines would be able to fly freely between any EU airport and any Canadian airport.
"EU transport ministers supported the presidency compromise on the EU-Canada aviation agreement," a source in the EU's Czech presidency said on Monday.
An official signing was expected on May 6 at the EU-Canada Summit in Prague. It follows a similar deal between the EU and the United States last March.
An existing patchwork of bilateral agreements between Canada and European states, which include restrictions on routes, prices and the number of weekly flights, will be replaced.

The agreement would also ease restrictions on control and ownership of airlines.
Canada already plans to raise the foreign ownership limit to 49 percent of an airline's voting stock from 25 percent -- a move welcomed by the country's main carriers, Air Canada (ACa.TO) and WestJet Airlines Ltd (WJA.TO), which want more inward investment.
In a later phase of the deal, investors would be able to set up and control airlines in each other's markets, and in a final stage, airlines would be able to fly freely within each others' markets and onwards from there to other regions.

A union representing nearly 5,000 Air Canada employees wants the government to take a stake in Air Canada as the carrier attempts to restructure to withstand effects of the global economic downturn.

The Canadian Auto Workers (CAW) union went on the offensive today ahead of a contract that expires 31 March. During a press conference CAW laid out suggestions they believe are best to help Air Canada shore-up liquidity.

CAW says the government is contemplating changes in airline foreign ownership as a way to for Air Canada to bolster its capital. But the union is pushing the government to take a stake in the carrier, citing successful governmental holdings in flag carriers operating in France, New Zealand and Singapore.

"We are saying the government has a role to play in stabilizing the future of this company," the union argues. CAW believes the government has a responsibility to supply the same type of support to the airline industry that it has given to other sectors. The union highlights Air Canada has lost C$6 billion (US$5.1 billion) since its privatization in 1989.

Air Canada's cash balances have dwindled as its pension deficit has reached C$3.2 billion. The carrier also has roughly C$660 million in debt maturing during the next six-to-12 months.
Speculation has mounted that the recent abrupt appointment of Calin Rovinescu as CEO is a sign that the carrier will seek a formal restructuring under the Canadian equivalent of bankruptcy protection. Rovinescu was Air Canada's chief restructuring officer during its last formal restructuring in 2003-2004.

Specific pension funding requirements by Air Canada this year are hard to determine as the carrier along with other Canadian corporation is lobbying the government for pension reform.
In a statement today Air Canada said it is engaged with unions to find a solution to allow the carrier maintain its defined benefit pension plans. Those talks have focused in seeking a moratorium on funding the pension deficit to "establish financial certainty over the next several years".

But CAW took a defiant stance today regarding pensions. "The message is forget it. Our pensions will not be held hostage." The union stresses the government should require Air Canada to fully fund its pension obligations, and establish a federal pension funding guarantee.

CAW also believes the wind down of Air Canada parent ACE Aviation should be halted, with the remaining assets invested back into the carrier. The union argues that ACE CEO Robert Milton "has already walked away with $50 million" since Air Canada's last restructuring. If the ACE wind down is successful, CAW says he stands to gain a further $20 million.

sevrien a écrit:Maintenant, ...lisez ceci !
On se croirait en France !

Air Canada ne peut pas continuer à recevoir impunément les cadeaux du Gouvernement canadien ! Surtoiut quand les bénéficiaires indirects sont Boeing & GE !

Oui, l'argument est du même genre qu'on entend en France ! Et AF (AF-KLM ? ) s'intéresserait au dossier Air Canada ?

Une telle restructuration serait possible.

Pas de doute, c'est vraiment le genre de dossier auquel AF pourrait s'intéresser ! AF a dû attraper le virus après l'affaire Alitalia !

Oui, on pourrait être en France ! On comprend la position du syndicat.

C'est partout pareil ?

A union representing nearly 5,000 Air Canada employees wants the government to take a stake in Air Canada as the carrier attempts to restructure to withstand effects of the global economic downturn.
The Canadian Auto Workers (CAW) union went on the offensive today ahead of a contract that expires 31 March. During a press conference CAW laid out suggestions they believe are best to help Air Canada shore-up liquidity.
CAW says the government is contemplating changes in airline foreign ownership as a way to for Air Canada to bolster its capital. But the union is pushing the government to take a stake in the carrier, citing successful governmental holdings in flag carriers operating in France, New Zealand and Singapore.
"We are saying the government has a role to play in stabilizing the future of this company," the union argues. CAW believes the government has a responsibility to supply the same type of support to the airline industry that it has given to other sectors. The union highlights Air Canada has lost C$6 billion (US$5.1 billion) since its privatization in 1989.
Air Canada's cash balances have dwindled as its pension deficit has reached C$3.2 billion. The carrier also has roughly C$660 million in debt maturing during the next six-to-12 months.
Speculation has mounted that the recent abrupt appointment of Calin Rovinescu as CEO is a sign that the carrier will seek a formal restructuring under the Canadian equivalent of bankruptcy protection. Rovinescu was Air Canada's chief restructuring officer during its last formal restructuring in 2003-2004.
Specific pension funding requirements by Air Canada this year are hard to determine as the carrier along with other Canadian corporation is lobbying the government for pension reform.
In a statement today Air Canada said it is engaged with unions to find a solution to allow the carrier maintain its defined benefit pension plans. Those talks have focused in seeking a moratorium on funding the pension deficit to "establish financial certainty over the next several years".
But CAW took a defiant stance today regarding pensions. "The message is forget it. Our pensions will not be held hostage." The union stresses the government should require Air Canada to fully fund its pension obligations, and establish a federal pension funding guarantee.
CAW also believes the wind down of Air Canada parent ACE Aviation should be halted, with the remaining assets invested back into the carrier. The union argues that ACE CEO Robert Milton "has already walked away with $50 million" since Air Canada's last restructuring. If the ACE wind down is successful, CAW says he stands to gain a further $20 million.

TORONTO — Air Canada (TSX:AC.A) semblait se diriger vers une épreuve de force au sujet du financement de ses régimes de retraite, lundi, le transporteur demandant la mise en place d'un moratoire sur le renflouage du déficit des régimes, le syndicat des Travailleurs canadiens de l'automobile (TCA) souhaitant quant à lui que la société soit contrainte de financer les régimes dans leur totalité.
Les TCA, qui représentent environ 4500 travailleurs d'Air Canada, a indiqué que le déficit des régimes de retraite du transporteur, en difficulté financière, avait presque triplé en 2008, étant passé de 1,2 milliard $, au début de l'année, à 3,2 milliards $, au 31 décembre.
Air Canada a suspendu ses cotisations entre 1997 et 2002, alors que son principal régime de retraite présentait un excédent. Par la suite, en 2003 et 2004, tandis que la société procédait à une restructuration ordonnée par la cour, les syndicats du transporteur ont consenti à prolonger à dix ans, par rapport à cinq, la période d'amortissement de ses obligations découlant des régimes de retraite.
Dans un communiqué, lundi, Air Canada a indiqué vouloir demander à ses cinq syndicats canadiens de trouver une solution de financement qui lui permettrait de maintenir ses régimes de retraite à prestations déterminées.
La société a précisé qu'elle cherchait notamment à obtenir l'appui des syndicats pour mettre en place un moratoire sur le renflouage du déficit des régimes "afin d'arriver à instaurer une certitude financière au cours des quelques prochaines années".
Toutefois, le président des TCA, Ken Lewenza, a affirmé à des journalistes à Toronto que le syndicat insisterait pour que l'entreprise finance dans leur totalité ses 10 régimes de retraite.
"Nous commençons à en avoir assez de regarder ce film, mais il semble maintenant que nous devions encore le regarder", a-t-il déclaré lors d'une conférence de presse, ajoutant toutefois que "nos régimes de retraite ne seront pas tenus en otages par l'effondrement financier et l'avarice des sociétés".
L'action d'Air Canada a pris lundi 6 cents, soit 7,5 pour cent, pour clôturer à 86 cents à la Bourse de Toronto.

Air Canada's pension problem: Warns that tight regulations put it at disadvantage
February 23, 2009--The global financial crisis is forcing airlines to examine all expenditures carefully to determine which are sustainable and which are not. For Air Canada, funding its defined benefit pension plans is becoming a serious problem. The carrier is lobbying the Canadian government to alter the country's strict regulations on such benefits and warning that current laws put it at a distinct disadvantage to its competitors in the US.

By Aaron Karp
In-Depth, February 23, 2009

"Clearly the pension issue is foremost in our minds," AC President and CEO Montie Brewer recently told analysts and reporters. "Pension rules in Canada are not aligned with the US. . .The rules have to be realigned."

Several US airlines used Chapter 11 bankruptcy reorganization earlier this decade to terminate defined-benefit pension plans or substantially reduce benefits, and shifted a large portion of financial obligations related to those pensions to the US Pension Benefit Guaranty Corp. Further relief was provided in 2006 when the US Congress passed legislation that significantly reformed US pension law and specifically gave airlines extra time to fund defined benefit retirement programs. The law gave all US companies seven years from 2008 to fully fund pension programs. But carriers that had frozen their plans, such as Northwest Airlines and Delta Air Lines, got 10 additional years (17 overall) to fund their plans fully. Others got three additional years (10 overall) to complete funding.

In contrast, Canada's federal pension regulations remain among the tightest in the world and force companies to fund plans fully, with a five-year repayment requirement strictly enforced. AC contributed C$456 million ($364 million) to funding employees' defined plans in 2008 and faces a C$3.2 billion pension fund solvency deficit.

"Without further relief from the federal government, other corrective measures or fundamental changes, these costs will prove unsustainable," Brewer warned earlier this month. "It is imperative. . .for the federal government to make permanent changes to federal pension regulations."

Canadian Finance Minister Jim Flaherty last year said the government would extend the pension repayment period from five to 10 years. But the alteration comes with a major caveat: Companies must receive consent from their workers or obtain a letter of credit to make up the difference. For Canada's biggest corporations, such as AC, that makes the extension nearly impossible to get. Workers are unlikely to agree and letters of credit are difficult to come by in the current economic environment.

Under pressure from a host of companies warning of crippling pension costs, including AC and General Motors' Canadian division, Ottawa now is undertaking a formal review of its pension regulations. Brewer said the review will be ongoing throughout the spring and summer and he hopes to see "results" by fall.

He has declined to make specific recommendations publicly as to how the pension laws should be changed. Analysts say Canadian companies are looking for more flexibility, both in terms of repayment periods and in the way deficits are calculated, and for the government potentially to provide relief by sharing funding obligations so that companies don't have all the risk. Brewer said that "other carriers [such as US airlines] who do not face the same high pension funding obligations that we do" have a big competitive advantage during the financial downturn.

Complicating matters more is that ACE Aviation Holdings, which was created in 2004 as part of the airline's restructuring and still holds a 75% stake in AC, is attempting to dissolve this year. While AC has said it welcomes the chance to operate as an independent company, the Air Canada Pilots Assn. is citing the planned dissolution to press the carrier on pension funding. ACPA formally has asked Canada's Office of the Superintendent of Financial Institutions "to intervene in the wind-up of the airline's parent holding company. . .because of concerns that the transaction would put pension plans at risk." ACPA President Andy Wilson said, "Air Canada's pensions [are] in a very vulnerable position." The union has asked OSFI to require that ACE and AC "meet their pension obligations before the wind-up of ACE is completed."

All the talk about AC's "ballooning pension obligations," in the words of Raymond James analyst Ben Cherniavsky, has added to a growing unease over the airline's financial health. AC reported a 2008 net loss of C$1.03 billion, and Brewer promised that it will target additional cost reductions of C$120 million in 2009 to counter a weak revenue environment. He insisted the airline is "well positioned" for an economic recovery and noted that it ended 2008 with more than C$1 billion in cash and cash equivalents.

Versant Partners analyst Cameron Doerksen countered in a research note, however, that "given the state of credit markets and a deteriorating aircraft financing market, the ability to generate cash from these assets is questionable." Citing the pension issue and other challenges, he downgraded AC's stock to "sell."

A union representing nearly 5,000 Air Canada employees wants the government to take a stake in Air Canada as the carrier attempts to restructure to withstand effects of the global economic downturn.

"We are saying the government has a role to play in stabilizing the future of this company," the union argues. CAW believes the government has a responsibility to supply the same type of support to the airline industry that it has given to other sectors. The union highlights Air Canada has lost C$6 billion (US$5.1 billion) since its privatization in 1989.

Oui, l'argument est du même genre qu'on entend en France ! Et AF (AF-KLM ? ) s'intéresserait au dossier Air Canada ?

sevrien a écrit:Bonjour, chers tous, et merci Alain, pour ce post ci-dessus.

Autre lien : (pour texte en anglais)
http://news.airwise.com/story/view/1238839178.html

Si l'on prenait du recul, on pourrait dire qu'Air Canada est l'Alitalia de l'Amérique du Nord.

A noter les prudence & réalisme d'AF-KLM sur ce marché (le volet du bon sens de KLM a dû peser plus que les velléités "politiques" d'AF, en ce qui concerne Alitalia).

Ceci dit, AF-KLM devrait regarder de plus en plus près son positionnement en Italie, sans perdre de vue LHA-Italia !

sevrien a écrit:Merci, alain57, pour ce poste ! Oui,.... depuis un certain temps, il est difficile d'écrire de manière très positive au sujet de cette compagnie, ... hélas !

Il suffit de regarder les posts ci-dessus ! Il n'y a pas de parti pris, parce qu'on l'aime bien ! C'est à se demander si elle n'a pas un véritable problème structurel !

Air Canada posts C$400 million loss, seeks 'immediate' pension relief
Monday May 11, 2009
Air Canada reported a first-quarter net loss of C$400 million ($342 million), widened 38.9% from a C$288 million loss in the year ago period, and new President and CEO Calin Rovinescu said the carrier is urgently seeking relief from its pension funding obligations.

On the job for five weeks and already receiving criticism from AC's unions (ATWOnline, April 2), Rovinescu told shareholders at the company's AGM in Montreal, available via webcast, that it has a "pressing need to achieve an alternate pension funding solution" (ATWOnline, May 6). He noted that AC has around 25,000 employees and 25,000 retirees and has made C$1.7 billion in pension payments since 2004. It has a C$2.9 billion pension funding solvency deficit and has asked unions for a funding "moratorium."

He said Ottawa "realizes there is a problem" and is undertaking a review of Canada's strict pension laws. But changes likely won't come until late this year at the earliest and "in the interim we require more immediate action," he insisted.

Rovinescu also told shareholders that "liquidity will continue to be a prime concern" and said AC is actively seeking new sources of financing. It currently has C$1.1 billion cash on hand but wants to build a cash reserve "closer to 15% of revenue." Based on 2008 revenue of C$11.08 billion, it is aiming to boost liquidity to around C$1.7 billion.

Rovinescu suggested that the carrier had gone too far in imposing fees that are not "customer friendly." Since his ascension, for example, it has rescinded call center booking fees and instituted a "low fare guarantee" for booking domestic and transborder tickets on its website. It will provide a C$50 travel credit plus the fare difference if a customer finds a cheaper fare in the same class for the given AC flight through another outlet within 24 hr. of purchasing. "Expect many more" such initiatives, he said.

First-quarter revenue fell 12.5% to C$2.39 billion while expenses lowered 5.8% to C$2.58 billion, producing an operating loss of C$188 million, significantly widened from a C$12 million operating loss last year. Traffic decreased 10.9% to 10.98 billion RPMs on a 10.3% cut in capacity to 13.82 billion ASMs, producing a load factor of 79.5%, down 0.5 point.

Passenger yield dropped 2.3% to C18.2 cents as RASM dipped 2.3% to C17.3 cents and CASM heightened 5% to C18.7 cents. CASM ex-fuel rose 9.4% to C14.4 cents.


by Aaron Karp