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    Home»Deals & Transactions»Air Canada signs C$5.9 billion government aid package, agrees to buy Airbus, Boeing jets
    Deals & Transactions

    Air Canada signs C$5.9 billion government aid package, agrees to buy Airbus, Boeing jets

    April 14, 20211 Min Read
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    Air Canada has been recognized as the 2019 Airline of the Year by Global Traveler, the leading magazine for luxury business and leisure travellers. (CNW Group/Air Canada)
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    Air Canada, struggling with a collapse in traffic due to the COVID-19 pandemic, reached a deal on Monday on a long-awaited aid package with the federal government that would allow it to access up to C$5.9 billion ($4.69 billion) in funds.

    In February, Air Canada reported a net loss for 2020 of C$4.65 billion, compared with a 2019 profit of C$1.48 billion.

    As part of the deal, Air Canada agreed to ban share buybacks and dividends, cap annual compensation for senior executives at C$1 million a year and preserve jobs at the current level, which is 14,859.

    Read more at Reuters

    By David Ljunggren, Allison Lampert

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