Air Canada and its employees, represented by the Canadian AutoWorkers union, have reached a contract agreement. The negotiations were crucial to Air Canada who faced pressure from creditors to make a cost-cutting deal with workers. The airline is expected to apply for an extension of its protection under the Companies' Creditors Arrangement Act on Friday.
See "Air Canada Reaches Pact With 7th Union", Bernard Simon, The New York Times, May 20, 2004