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A few words about the industry, followed by an outline of the restructuring plan, followed by a reconfirmation to a commitment to Toronto. The speaker's second anniversary in the airline industry in three days' time. The industry itself. A number of characteristics that contribute to a captivating and challenging environment. The industry as one of high capital. The industry as one of low margin. The industry as a highly competitive one. The high operational risks. Why the speaker and his company are still in an industry that is not for the faint of heart. Why people who come into this industry love it and tend to stay in it for a lifetime. The determination needed by its employees. The American airlines investment in Canada in 1994. Results of a number of new initiatives. Benefits of these initiatives, shown through revenue. By what these revenues were offset. Looking at some realities last September. Looking at opportunities. Attracting more of American Airlines' customers and what that would mean for Canadian carriers. The liquidity crisis to fix. Major changes that were made. The result of these changes. Approaching creditors with the plan. Hidden assets. Devoting resources now to opportunities that will arise as Toronto comes free from open skies restrictions in February of next year. The position of Toronto in Canadian Airlines. The future.