Pwa Corp

American Signs Deal for Canadian Airlines: After two years of intense wrangling, the U.S. carrier moved into the Canadian market with the signing of an equity alliance with the division of PWA Corp. Officials from PWA and American Airlines parent AMR Corp. signed an agreement under which American, the largest U.S. airline, will take a 25% voting interest in Canadian, one of Canada's two largest airlines, in exchange for $179 million.

American Signs Deal for Canadian Airlines: After two years of intense wrangling, the U.S. carrier moved into the Canadian market with the signing of an equity alliance with the division of PWA Corp. Officials from PWA and American Airlines parent AMR Corp. signed an agreement under which American, the largest U.S. airline, will take a 25% voting interest in Canadian, one of Canada's two largest airlines, in exchange for $179 million.

Canadian Airlines Parent Stops Payments to Lenders: PWA Corp., parent of troubled Canadian Airlines International, said it has ceased payments to all its lenders. In a news release, PWA announced the action as part of "a restructuring program." PWA said it would continue to pay operating suppliers and trade accounts. Last week, the Canadian government announced $50 million in loan guarantees to help keep Canadian Airlines aloft.

Canadian Airlines Parent Stops Payments to Lenders: PWA Corp., parent of troubled Canadian Airlines International, said it has ceased payments to all its lenders. In a news release, PWA announced the action as part of "a restructuring program." PWA said it would continue to pay operating suppliers and trade accounts. Last week, the Canadian government announced $50 million in loan guarantees to help keep Canadian Airlines aloft.

American to Bid for Canadian Airline: AMR Corp.'s American Airlines unit is preparing to launch a last-minute bid to acquire Wardair, despite a decision by Canadian regulators to approve a previous bid by Calgary, Alberta-based PWA Corp. Donald Carty, AMR's senior vice president and chief financial officer, said AMR hopes regulators "will give us a little more time to put together the details of a bid." PWA, which owns and operates Canada's second-largest airline, offered to pay $14.53 a share for all of Wardair's Class A and B shares.

The Canadian government will sell all its shares in Air Canada for $12 Canadian each, John McDermid, minister of privatization, announced today. (A Canadian dollar is currently worth 84 cents in U.S. currency.) The government plans to release a prospectus outlining the sale of 41.1 million shares of the state-owned airline, or about 57% of the outstanding shares. The government began its sale of Air Canada last October when it sold 30.

GPA Jetprop Ltd. Wednesday gave the Boeing Co.'s de Havilland division its largest order ever, a $425-million deal for 38 Dash 8 Series 300 turboprop planes. The order to the Downsview, Ontario, division of Boeing Canada came the same day that American Airlines ordered 35 commercial jetliners from Boeing Commercial Airplanes in a deal estimated at $1.5 billion.

American Airlines plans to pay $195 million for a one-third stake in Canadian Airlines International and help administer the struggling carrier under a 20-year contract, the two companies said Tuesday. The unusual deal, which American valued at more than $2 billion, marks the latest international alliance in an industry that has suffered through two years of economic downturn, weak travel demand and record losses. Calgary, Alberta-based PWA Corp.