NYTimes.com Article: The New York Times > Business > World Business > Air Canada Officer Quits

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The New York Times > Business > World Business > Air Canada Officer Quits

April 8, 2004
 By THE NEW YORK TIMES





Air Canada said yesterday that Calin Rovinescu, executive
vice president in charge of the airline's financial
restructuring, had resigned.

Mr. Rovinescu, 48, said in an interview that his departure
stemmed from growing acrimony between the airline's unions
and Trinity Time Investments of Hong Kong, which was chosen
last year to be the biggest shareholder in the restructured
airline.

Trinity threatened last week to withdraw from the deal if
the unions did not agree to changes in the airline's
pension plan.

Mr. Rovinescu said that he had decided "to hand the reins
over to a fresher face to get the remaining 10 percent of
the restructuring completed."

Air Canada, based in Montreal, asked an Ontario court on
Tuesday to extend protection from its creditors by 30 days
to May 14, to "stabilize its restructuring efforts."

http://www.nytimes.com/2004/04/08/business/worldbusiness/08air.html?ex=1082429828&ei=1&en=1e82f11e3865d7bb


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