Air Canada May Face Pension Cash Crunch - Report

Air Canada is facing a pension payment in nine weeks that could create a cash crunch and place the airline close to breaching credit covenants, the Globe and Mail reported.

The airline's next pension contribution, which is due on July 30, could rise to USD$225 million, double its previous payment, the paper said Thursday citing an aviation official.

However, the paper also said the airline might be able to defer at least part of the payment until later in the year.

The paper said Air Canada spokesman Peter Fitzpatrick declined to comment on the next pension installment.

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