Air Canada's new parent's stock to begin trading Oct. 4

By Jeff Pines

Washington, Sept. 23 - Air Canada Inc. said the shares of its new corporate parent will begin trading Oct. 4 on the Toronto Stock Exchange.

Air Canada's reorganization plan is restructuring the airline as a subsidiary of the newly-created ACE Aviation Holdings Inc.

Unsecured creditors will get a 45.8% stake in the airline with the option of getting another 42% through a rights offering through Deutsche Bank.

The Montreal-based airline filed for bankruptcy on April 1, 2003 and expects to emerge on Sept. 30.

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