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Jazz Air will be Chorus Aviation Inc. after conversion

Jazz Air Income Fund (JAZ.UN-T) says it will convert to a dividend-paying corporation by the end of 2010, and the new company will be called Chorus Aviation Inc.

The airline will complete the conversion right before changes to federal tax laws regarding income trusts come into effect.

The new corporation will exchange units in the trust for class B voting shares in Chorus on a one-for-one basis. Non-Canadian unitholders will receive class A shares in exchange.

The trust is "maintaining its previous guidance that the current level of cash distribution of $0.60 per unit annually is sustainable post corporate conversion," said Jazz Air's president and CEO Joseph Randell in a statement.

The arrangement is still subject to approval at a special meeting by its unitholders.

Jazz Air Income Fund sells most of the capacity in its smaller carrier, Jazz Air, to Air Canada. CTV Two CTV News CTV News Channel BNN - Business News Network CP24