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Air Canada pilots approve labor, pension deal

Mon Jul 13, 2009 10:15am EDT

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VANCOUVER, British Columbia , July 13 (Reuters) - Pilots at Air Canada (ACa.TO) have narrowly voted in favor of a tentative labor and pension agreement, the union said on Monday.

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The Air Canada Pilots Association, which represents 3,300 pilots at Canada's biggest airline, said 55 percent of its members had backed the 21-month pact.

Hobbled by a sharp drop in global travel and tough domestic competition, Air Canada needs labor peace as it pursues federal approval for a moratorium of funding its C$2.9 billion ($2.5 billion) pension deficit.

The debt-laden company has also said it needs C$600 million in financing to meet its short-term needs, and help avert a second bankruptcy filing in six years. ($1=$1.16 Canadian) (Reporting by Nicole Mordant; Editing by Jeffrey Hodgson)

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