TORONTO — Air Canada and the Canadian government agreed Monday on financing that will allow the airline to access as much as $5.9 billion Canadian (US$4.7 billion) to help it recover from the economic damage caused by the pandemic.
How much money did the federal government give Air Canada?
In April, the airline and government agreed to a $5.9 billion loan package that includes money to help refund passenger tickets, but also capped executive compensation at $1 million until 12 months after the loan is fully repaid.
Will Air Canada get a government bailout?
The federal government could make $177 million over 10 years on its bailout of Air Canada, says the federal spending watchdog. … Air Canada intends to use only about $1.2 billion of the $1.4 billion it set aside to refund customers whose flights were cancelled due to the pandemic.
Has Air Canada ever been bailed out?
Air Canada’s major hubs are at Montréal–Trudeau International Airport (YUL), Toronto Pearson International Airport (YYZ) and Vancouver International Airport (YVR).
Renamed to Air Canada and early years (1965–1990)
Is the government helping Air Canada?
The federal government says it will be supporting Air Canada with a multi-billion dollar aid deal to help cope with massive financial losses and millions in customer refunds for cancelled trips amid the COVID-19 pandemic. … A separate $1.4 billion loan will also be used as a “voucher refund facility” for Air Canada.
Is WestJet getting bailout?
WestJet’s CEO said company never wanted a “bailout”
WestJet’s books are closed to the public since it’s privately owned by Toronto-based Onex Corp. … In today’s statement, WestJet said it remains open to resuming talks with the government about financial support in the future.
Is Air Canada any good?
As to the onboard service, Air Canada has received a number of accolades from airline rating company Skytrax, including Best Airline in North America (eight times in 10 years), Best Airline Staff in Canada and Best Airline Cabin Cleanliness in North America.
Is Air Canada a good stock to buy?
Reasons to buy
One reason to buy Air Canada stock right now is that it’s on the lower end of its range for the year. At $23, it hasn’t gone lower than it is now in many months. If Q3 earnings are good then it’s unlikely that AC will slide lower than this.
Is Canada bailing out Air Canada?
The government of Canada will take an equity stake in legacy carrier Air Canada after the company struck a deal for financial support as the coronavirus crisis continues to tear into the airline’s business.