Groupe Aeroplan, which operates Air Canada's frequent flyer program, has agreed to lend the cash-strapped airline up to US$86 million, Reuters reported.
The loan comes at a time when many in the industry are concerned that Air Canada, hobbled by debts, may be forced into bankruptcy protection for the second time in six years.
The secured, revolving loan is available until June 30, 2010, and is secured by Air Canada's interest in Air Canada Vacations, which specializes in custom holiday packages. |
