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Air Canada files for bankruptcy protection

April 02, 2003 11:12 IST

Air Canada, the country's biggest airline, filed for bankruptcy protection before a Toronto court on Tuesday, according to court documents.

The Montreal-based airline filed for protection under the Companies' Creditors Arrangement Act, which allows a firm to keep operating while it tries to file a restructuring plan.

The Canadian Auto Workers, a key union at Air Canada, said earlier on Tuesday it expected the airline to file for bankruptcy protection after failing to reach job cut agreements with other unions.
Source: REUTERS
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