MONTREAL, June 27, 2013 /PRNewswire/ - Air Canada announced today that it has terminated its previously announced cash tender offers (the "Offers") and related consent solicitations (the "Consent Solicitations") with respect to its 9.250% Senior Secured Notes due 2015, its 10.125% Senior Secured Notes due 2015, and its 12.000% Senior Second Lien Notes due 2016 (collectively, the "Notes"), which were being made pursuant to Air Canada's Offers to Purchase and Consent Solicitations Statement and related Letters of Transmittal and Consent, each dated June 14, 2013. "The Offers were subject to a financing condition. The recent volatility in the debt and capital markets which has interfered with the immediate financing plans of many companies, including Air Canada was such that available terms were no longer attractive to us. However, the strength of our balance sheet and our business overall, and the fact that the Notes do not mature until August 2015 and February 2016, provides us flexibility to take advantage of a more opportune time to refinance the Notes," commented Michael Rousseau, Executive Vice President and Chief Financial Officer of Air Canada. As a result of the termination, none of the Notes that have been tendered in the Offers will be accepted for purchase and no consideration will be paid or become payable to holders of Notes who have tendered their Notes in the Offers. All Notes previously tendered and not withdrawn will be promptly returned or credited back to their respective holders. All consents previously delivered and not revoked will be of no effect, and the indentures governing the Notes will remain in their present form, unamended. This announcement confirms the formal termination of the Offers and Consent Solicitations. The Company reserves the right to commence a new tender offer, or to otherwise redeem or repurchase some or all of the outstanding Notes, at a later date but is under no obligation to do so.