Fwd: Air Canada Claim Under Airline Compensation Package Relating To September 11 Losses Reduced

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>Air Canada Claim Under Airline Compensation Package Relating To September
>11 Losses Reduced
>
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>     MONTREAL, April 18 /CNW/ - Air Canada was today advised that its claim
>under the Airline Compensation Program for losses incurred as a result of the
>closure of Canadian airspace in the days following the terrorist attacks on
>September 11 has been reduced to approximately $60 million despite initial
>estimates of approximately $100 million.
>     The interpretation of the program's criteria by the Auditor General and
>Transport Canada excludes lost revenue from ticket sales during the
>September 11 to 16, 2001 period for flights subsequent to September 16.
>     As a result, Air Canada will take a charge of approximately $37 million
>against non-operating expense in its First Quarter 2002 results.
>     Air Canada's operating fundamentals remain as previously disclosed with
>an expectation of returning to profitability over the seasonally stronger
>quarters.
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