Editing Air Canada (section)

====Bankruptcy and restructuring====
As Air Canada had employed a scorched earth policy to prevent the Onex proposed acquisition as one of its lines of defense, it had burdened itself with onerous contracts with almost all of its suppliers. As a result, on 1 April 2003, Air Canada filed for protection under the [[Companies' Creditors Arrangement Act]]; it emerged from this protection on 30 September 2004, 18 months later. During the period of bankruptcy protection, the company was subject to two competing bids from [[Cerberus Capital Management]] and [[Victor Li]]. The Cerberus bid would have seen former Prime Minister [[Brian Mulroney]] installed as chairman, being recruited by Cerberus' international advisory board chair [[Dan Quayle]], the former vice-president of the United States. Cerberus was rejected because it had a reputation of changing existing employee pension agreements, a move strongly opposed by the [[CAW National Council 4000|CAW]]. At first, Air Canada selected Victor Li's ''Trinity Time Investments'', which initially asked for a board veto and the chairmanship in return for investing $650&nbsp;million in the airline. Li, who holds dual citizenship from Canada and Hong Kong, later demanded changes to the pension plan (which was not in his original takeover bid), but since the unions refused to budge, the bid was withdrawn.<ref>{{cite news |url=https://www.usatoday.com/travel/news/2004-04-05-air-canada_x.htm |title=Air Canada unions dig in, rescue deal seen at risk |publisher=Usatoday.com |date=5 April 2004 |access-date=21 February 2011 |archive-date=27 April 2011 |archive-url=https://web.archive.org/web/20110427121930/http://www.usatoday.com/travel/news/2004-04-05-air-canada_x.htm |url-status=live }}</ref>

Finally, [[Deutsche Bank]] unveiled an $850&nbsp;million financing package for Air Canada, if it would cut $200&nbsp;million in annual costs in addition to the $1.1&nbsp;billion that the unions agreed on in 2003. The offer was accepted after last-minute talks between CEO [[Robert Milton]] and CAW president [[Buzz Hargrove]] resulted in union concessions.<ref name="CBC timeline"/><ref>{{cite web|url=https://www.cbc.ca/news/business/air-canada-faces-deadline-on-deutsche-bank-deal-1.492087|title=Air Canada faces deadline on Deutsche Bank deal|date=14 May 2004|publisher=CBC News|access-date=28 November 2021|archive-date=28 November 2021|archive-url=https://web.archive.org/web/20211128065553/https://www.cbc.ca/news/business/air-canada-faces-deadline-on-deutsche-bank-deal-1.492087|url-status=live}}</ref><ref name=CanEncyc>{{cite encyclopedia | url=https://www.thecanadianencyclopedia.ca/en/article/air-canada | title=Air Canada | encyclopedia=[[The Canadian Encyclopedia]] | access-date=28 November 2021 | first=Sasha | last=Yusufali | archive-date=28 November 2021 | archive-url=https://web.archive.org/web/20211128065551/https://www.thecanadianencyclopedia.ca/en/article/air-canada | url-status=live }}</ref>

ACE Aviation Holdings became the new parent company under which the reorganized Air Canada was held.<ref>{{cite web |url=http://www.aceaviation.com/en/about/index.html |title=ACE Aviation |publisher=ACE Aviation |date=31 January 2011 |access-date=21 February 2011 |archive-date=7 July 2011 |archive-url=https://web.archive.org/web/20110707080351/http://www.aceaviation.com/en/about/index.html |url-status=live }}</ref>

In October 2004, Canadian singer [[Celine Dion]] became the face of Air Canada, hoping to relaunch the airline and draw in a more international market after 18 months of bankruptcy protection.<ref name="ACnewlook"/> She recorded her single, "[[You and I (Celine Dion song)|You and I]]", which subsequently appeared in several Air Canada commercials.<ref>{{cite web|author=Renée Alexander |url=http://www.businessweek.com/innovate/content/may2006/id20060510_847981.htm?chan=innovation_branding_top+stories |archive-url=https://web.archive.org/web/20060614200720/http://www.businessweek.com/innovate/content/may2006/id20060510_847981.htm?chan=innovation_branding_top+stories |url-status=dead |archive-date=14 June 2006 |title=WestJet Airlines – High Times |publisher=Businessweek.com |date=10 May 2006 |access-date=21 February 2011}}</ref>