TORONTO - Air Canada on Wednesday declared an impasse in its talks with the Canadian Auto Workers. The airline said the union's position has not moved enough to warrant more discussions. The two sides exchanged offers during talks on Tuesday, but they remained fair apart on the issue of wage rollbacks which the union says would average $10,000 per worker, many of whom make between $35,000 and $49,000 per year. "There was insufficient movement in the union's response to the company's offer of May 17 to warrant a continuation of discussions," said Paul Brotto, Air Canada's executive vice president. "The company's proposal to the CAW is consistent with what was agreed to by all other employee groups at Air Canada and Air Canada Jazz in terms of productivity and wage reductions," he said. The CAW is the last holdout of seven unions at Air Canada. The others agreed to make the concessions the airline sought. CAW President Buzz Hargrove has insisted his position won't sink the airline. "Air Canada will fly. It'll fly next week, the week after, next month, six months, next year, years after," he said. The airline said it needed to negotiate $200 million in concessions with the unions as a condition of a financing deal with Deutsche Bank. The German bank agreed to underwrite a $850-million rights offering to Air Canada creditors. That was up from its previous agreement to back a $450- million rights issue. The German company stepped in after Air Canada said Hong Kong businessman Victor Li's Trinity Time Investments was pulling out of an agreement to invest $650 million in the airline. Air Canada is due back in court on Friday to update an Ontario judge on progress in its restructuring. "We are too close to our goal to turn back. And so we will immediately commence discussions with Deutsche Bank and [GE Capital Aviation Services] to determine next steps," Brotto said.