with new equipment, new control towers in Toronto, Edmonton and Calgary, modernizing the Vancouver Area Control Centre and building a new logistics centre Late 2000s recession Nav Canada felt the impact of the late-2000s recession in two ways: losses in its investments in third party sponsored asset-backed commercial paper (ABCP) and falling revenues due to reduced air traffic levels. In the summer of 2007 the company held $368 million in ABCP which had become illiquid. On 12 January 2009 final Ontario Superior Court of Justice approval was granted to restructure the third party ABCP notes. The company expects that the non-credit related fair value variances from face value on restructured and non-restructured ABCP (amounting cumulatively to $33 at November 30, 2013) will be recovered by the time the notes mature in fiscal year 2017. By fiscal year end 2013, the company's revenues reached $1,231 million, which exceeded its pre-recession level and fiscal year 2014 saw further revenue growth to $1,272 million. During the period 2005-15 the company held service charge rates steady. Hudson Bay ADS-B deployment In the mid-2000s the company decided to address the lack of radar coverage in the Canadian north, especially in the area of Hudson Bay where airliners transition from the North Atlantic Tracks system to Canadian Domestic Airspace by deploying a ground-based Automatic Dependent Surveillance-Broadcast (ADS-B) network. The five station network was operational on 15 January 2009, filling a gap in radar coverage which allowed reduced separation of airline flights by ADS-B tracking over procedural separation. In January 2009, Nav Canada estimated that the ADS-B system would save its customers 18 million litres of fuel per year and reduce and equivalent emissions by per year. In November 2010, a second set of six ground-based ADS-B transceivers was later deployed along the coast of Labrador and Nunavut, providing an additional . In March 2012 four more stations were added in Greenland, increasing the area covered by . Space-based ADS-B In 2012, Nav Canada and the satellite communications company Iridium Communications Inc. launched a joint venture that will offer air traffic control authorities the ability to track aircraft around the globe in real time. The joint venture, called Aireon LLC, will use Automatic Dependent Surveillance-Broadcast (ADS-B) receivers installed as an additional payload on 66 Iridium NEXT second-generation satellites scheduled to be launched between 2015 and 2017. Nav Canada plans to invest $150 million for a controlling stake