Air Canada and CIBC Conclude Financing Arrangements

Air Canada and CIBC concluded new arrangements in respect of CIBC’s VISA Aerogold card and for a new financing. The deal closed on June 11, 2003, and its value is undisclosed. In conjunction with extending the term of their existing Aerogold agreements, and agreeing on other adjustments to their relationship, CIBC agreed to lend Air Canada the loan for a term of approximately 12 months.

Air Canada and Aeroplan LP were represented in-house by John Baker, senior vice-president and general counsel, and David Shapiro, general counsel (corporate and commercial) and Melissa Ross, all of Air Canada; by in-house counsel Shaul Ezer, Aeroplan; and by Stikeman Elliott LLP with a team that included Marvin Yontef, Brian Pukier and Craig Mitchell (corporate/commercial) and Sean Dunphy (litigation/insolvency) in Toronto, and Robert Hogan (tax), Jean Marc Huot and Sterling Dietze (corporate/commercial) in Montreal.

CIBC was represented in-house by Mike Capatides, executive vice-president and general counsel, Jacqueline Moss, senior vice-president and deputy general counsel, and in-house counsel Jeffrey Roode; and by Blake, Cassels & Graydon LLP with a team that included Jim Christie, Milly Chow and Ian Binnie (corporate/commercial) and Kevin McElcheran (litigation/insolvency).