李泽钜图谋吞并“加航” [论坛存档]

2003-09-28, 01:46 AM

【万维读者网】於今年四月向加拿大法院申请破产保护令的加拿大航空公司宣布，经过一轮挑选後，选出两个合资格投资者进入最後商讨入股阶段，当中包括拥有加拿大公民身份的香港长实集团副主席李泽钜持有的加拿大私人公司及一间以纽约为基地的加拿大Cerberus Capital Management,L.P.资产公司。
　香港文汇报报道，两个财团均表示最少购入总值7亿加元(约40.3亿港元)加拿大航空新股，同时各自经过核数师审核後的洽购权可进一步增加认购至10亿加元(约57亿港元)的加航新股。加航将於今年10月底公布得主最终花落谁家。

投资纯属私人性质

　李泽钜发表声明表示，今次投资纯属私人性质，而部分投资有可能涉及李嘉诚慈善基金，但现阶段李氏家族持有的上市公司未有参与在内，是次为一个非常有兴趣的投资，但一切仍在进行中，因此不会公布意向书内容。他强调，现阶段尚未落实谁是买主，最终亦会由加航决定由那间公司协助重组，令加航财政可以重新健康发展。

　加拿大航空於加国的占有率达77%，现时共有312架飞机，负债额近88亿美元(约686亿港元)。

加航负债近88亿美元

　资料显示，2003年6月加航宣布开始寻求股权解决方案，并於今年4月申请破产保护令，而由法院指派监督加航重组的安永会计事务所表示，在加拿大航空於今年7月开始寻找投资者以来，已有12名投资者表示有兴趣。另外，由14名加航债权人组成的小组，包括日本穗瑞国际和花旗集团等，已提议投资5.18亿美元，协助该公司摆脱破产保护。据悉，加航已接受建议，并正在研究这建议如何与其他提议配合。

年营运成本74亿美元

　同时，加航已经与通用电气金融航空服务安排了4.44亿美元贷款，希望能在年底前摆脱破产保护。与通用电气金融航空服务达成的协议，包括最多贷款9.5亿美元予加航，该公司可购买43架小型及省油的飞机，以便重组机队。

　加航申请破产时，被88亿美元债务及租金缠身，现计划至少减少15亿美元的营运成本，该公司去年的营运成本高达74亿美元。

shenxi001

2003-11-27, 01:10 PM

Globeandmail.com

Li to buy Air Canada stake

Milton, Rovinescu could get $20-million

By KEITH McARTHUR

From Monday's Globe and Mail

POSTED AT 7:00 AM EST Monday, Nov. 10, 2003

http://ad.doubleclick.net/jump/N815.globeandmail/B934759.10;sz=250x250;ord=3247461[/url]>

Air Canada has chosen Hong Kong businessman Victor Li to buy a

controlling stake in the company for $650-million -- funds that will

help the insolvent airline to emerge from bankruptcy protection next year.

The airline's top two executives each stand to receive more than

$20-million in stock as part the deal, which was approved this weekend

by the company's board of directors.

A company controlled by Mr. Li will pay $650-million to receive 31 per

cent of the airline's fully diluted common shares.

Robert Milton, Air Canada's president and chief executive officer, and

Calin Rovinescu, the airline's chief restructuring officer, will each

receive 1 per cent of the airline's shares as a retention bonus, to be

paid over four years out of Mr. Li's stake.

Representatives of the airline's unionized employees, who have given the

company hundreds of millions of dollars in concessions through the

restructuring, were livid yesterday when they learned about the

executive payouts.

"I think it's going to be time for the unions to flex their muscles a

little bit and say enough is enough," said Richard Nolan, a

vice-president with the Canadian Union of Public Employees, which

represents the airline's flight attendants.

Mr. Nolan said CUPE will consider all its options, including whether to

pull out of the concessions it agreed to in June.

"We had a clause saying we would be treated the same as all other

employee groups," Mr. Nolan said.

"And management, as far as I'm concerned, are also employees of this

airline. If they get a special deal, so do we; I look forward to my 1

per cent."

Based on the value paid by Trinity Time Investments, a company

controlled by Mr. Li, 1 per cent of the airline's shares is worth about

$21-million. That value could rise or fall based on the trading value of

the airline's shares.

Mr. Li, who has Canadian citizenship, is the son of legendary Hong Kong

businessman Li Ka-shing. The Li family, which controls Calgary-based

Husky Energy Inc., is also involved in real estate, media, hotels and

telecommunications. Air Canada said the investment will be funded from

Mr. Li's personal financial resources, but may include investment from

other family holdings and foundations.

The deal, which is subject to approval by the courts and the company's

creditors, would maintain current executive management, but result in a

change to the company's board of directors.

Air Canada said the deal will leave about 56 per cent of the company's

fully diluted equity to creditors, who are owed more than $9-billion.

The creditors will have to buy some of those shares through a rights

offering, which will generate an additional $450-million to fund the

airline's emergence from bankruptcy protection.

The agreement with Mr. Li will all but wipe out existing shareholders,

giving them just 0.01 per cent of the company. This values the shares at

less than 1 cent each, well below Friday's close of $1.08.

The deal is conditional on a number of factors, including the

resolution, in a matter satisfactory to Trinity Time of Air Canada's

pension plan difficulties. The airline is on the hook for $1.5-billion.

Last week, Air Canada received firm bids from Trinity Time and Cerberus

Capital Management LP, the two equity finalists it identified in September.

The company said both finalists had made similar proposals to pay

retention bonuses to the airline's top executives.

In addition to the stock to be granted over the next four years, the

airline will also set aside 5 per cent of its float for stock options.

Otherwise, executive salaries and bonuses will not be any higher than

those currently in effect, the airline said.

Jean Jallet, national president for the transportation division of the

International Association of Machinists, said the management payouts

could sour the company's efforts to reach further deals with employees

on pensions and benefits.

"With all the concessions that we've given, it hardly seems fair that

they would get a $20-million bonus," Mr. Jallet said.

"It will certainly have an impact on the other cost measures that

they're looking at."

Buzz Hargrove, president of the Canadian Auto Workers union, which

represents customer sales and service workers, said he's not surprised

by the deal.

"The executives always do well, and the workers pay a hell of a penalty.

. . .It's not proper, but it's no different from what anybody else does

in business."

Airline officials knew the retention package would be controversial with

its unions, according to a person close to the company.

"There's always somebody who's going to complain when anybody has a shot

at making some money," the source said.

"I think by any conventional measure, if you were to say, is this

management overpaid by North American airline standards, the answer is

no, in fact they're underpaid."

Frank Sixt, an adviser to Mr. Li, said Trinity is excited to have been

selected as equity plan sponsor to work with Air Canada to complete its

restructuring.

Mr. Sixt is chief financial officer of Huchison Whampoa Ltd., which is

controlled by the Li family. Mr. Sixt and Mr. Rovinescu attended the

same high school and law school before they were recruited in 1978 to

work at Stikeman Elliott, the law firm that is advising Air Canada on

the restructuring.

The airline said its new board will consist of two members of

management, five members to be appointed by Trinity, two to be appointed

by Deutsche Bank and two others to be appointed by a selection committee

that will include representatives of creditors.