Air Canada launches notes issuance

  Air Canada has launched cash tender offers for any and all of its 9.250% Senior Secured Notes due 2015, 10.125% Senior Secured Notes due 2015, and 12.000% Senior Second Lien Notes due 2016  for the cash consideration per US$1,000 or C$1,000 principal amount, as applicable.  These offers consist of three separate offers, one for each series of Notes. In connection with the Offers, Air Canada is also soliciting consents to amend the Notes and the respective indentures that govern them to eliminate most of the restrictive covenants and certain events of default contained in the indentures and to release