Its true.
As I understand it the 7 days notice of cancellation of the old AV52C expires 2359GMT this Monday (maybe extended by 48 hours in US to allow for recorded delivery of notice of cancellation.) We've already had our notice of cancellation. Incidently this applies to everything, not just airlines but also airports, refuellers, ga and so on, everyone who had AV52. The new AV52C limits third party cover to just US$50million and currently is just available for airlines.
Many many contracts require more than $50m, eg airports conditions of use, so even if the airlines could accept this limit, they may not be able to operate because of other contractural problems. But can we do without air transport? Will the governments give gaurantees for the extra?