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Air Canada fears higher cash burn; looks to raise C$850 mln

Dec 15 (Reuters) - Air Canada on Tuesday raised its fourth-quarter cash burn estimate and said it would offer about C$850 million ($669.45 million) worth of shares to boost liquidity.

The airline expects average net cash burn of between C$14 million and C$16 million per day in the quarter, compared with its prior estimate of C$12 million to C$14 million. ($1 = 1.2697 Canadian dollars) (Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli)

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