Mark in CA
1st Apr 2009, 16:26
CEO Resignation Triggers Air Canada Bankruptcy Speculation (http://www.btnonline.com/businesstravelnews/headlines/article_display.jsp?vnu_content_id=1003957282)
MARCH 31, 2009 -- Air Canada president and CEO Montie Brewer on April 1 plans to leave the airline, following a surprise resignation on Monday that spurred aviation analysts to warn about the carrier's potential spiral into bankruptcy.
Succeeding Brewer is Calin Rovinescu, who oversaw the airline's 18-month bankruptcy reorganization that began in 2003, then left to form Canadian investment bank Genuity Capital Markets.
The change in leadership "signals bankruptcy protection," said Research Capital aviation analyst Jacques Kavafian in a research note today, adding that Rovinescu's appointment "only makes sense" in that context.
MARCH 31, 2009 -- Air Canada president and CEO Montie Brewer on April 1 plans to leave the airline, following a surprise resignation on Monday that spurred aviation analysts to warn about the carrier's potential spiral into bankruptcy.
Succeeding Brewer is Calin Rovinescu, who oversaw the airline's 18-month bankruptcy reorganization that began in 2003, then left to form Canadian investment bank Genuity Capital Markets.
The change in leadership "signals bankruptcy protection," said Research Capital aviation analyst Jacques Kavafian in a research note today, adding that Rovinescu's appointment "only makes sense" in that context.