Air Transport World

Air Canada.(North America report)(Brief Article)

Air Canada in late June said it accepted an investment proposal from New York-based Cerberus Capital Management under which the firm will invest C$250 million ($183.8 million) in convertible preference shares, equivalent initially to 9.2% of the reorganized airline. The shares will have an annual non-cash payable coupon of 5%, which will be reflected in an increase in the value of the convertible preference shares.

Cerberus previously had sought to participate in AC's reorganization but was outbid by Trinity Time Investments. …

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