Whose Airlines Are They, Anyway?

Air Canada rescues Continental, as U.S. carriers protest a British plan

NO OTHER MAJOR U.S. AIRLINE HAS SUCCESSFULLY emerged from bankruptcy proceedings. But thanks to Air Canada, battered and bruised Continental is about to do the unthinkable -- complete a bankruptcy restructuring for the second time in 10 years. The two carriers have struck a deal that will give Air Canada part ownership and access to Continental's American routes, in exchange for a much needed $450 million infusion of cash.

The deal is the latest in a flurry of international partnerships being formed as the world's airlines shoot it out for passengers. By far the most controversial is USAir's plan to sell...

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