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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge

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To: vds4 who wrote (4227)	10/16/2001 5:34:37 AM
From: Al Collard	Read Replies (1) of 11802

Martin, a little blurb in the Globe & Mail today on AC-t: Globe says Air Canada may have to restructure Tue 16 Oct 2001 In the News The Globe and Mail reports in its Tuesday, Oct. 16, edition that analysts say Air Canada could run out of cash before the end of 2002 if the drop in passenger bookings does not improve. The Globe's Keith McArthur writes that some unnamed observers have speculated the airline may have to restructure its debt, rendering current shares worthless. However, they say Air Canada is sitting on about $1-billion in cash and credit, which will give it time. Air Canada has announced plans to cut 5,000 jobs since the Sept. 11 terrorist attacks. While Transat AT has announced 1,300 layoffs. Canada 3000 has yet to announce any job cuts, but the airline has been reducing labour costs in other ways. Canada 3000 says, however, it is talking with its unions and that layoffs are likely. On Friday Canada 3000 chairman John Lecky said he was filing a complaint against Air Canada with the federal Competition Bureau, over allegations of predatory behaviour. Canada 3000 is asking the Competition Commissioner to issue a cease-and-desist order against Air Canada. Canada 3000 shares closed Monday down eight cents at $4 on the Toronto Stock Exchange. Air Canada shares closed down 11 cents to $2.12.

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