Air Canada says it has entered into a series of debt and equity financing agreements with the federal government, which will allow Air Canada to access up to $5.879 billion in liquidity through the Large Employer Emergency Financing Facility program.

Michael Rousseau, President and Chief Executive Officer of Air Canada says the company has raised an additional $6.8 billion in liquidity from its own resources to sustain Air Canada through the pandemic.

Rousseau says, “The additional liquidity program provides a significant layer of insurance for Air Canada; enabling the company to better resolve customer refunds of non-refundable tickets, maintain the workforce and re-enter regional markets.

He says, most importantly, the program provides additional liquidity, if required, to rebuild the business.
The financial package provides for fully repayable loans that Air Canada would only draw down as required, as well as an equity investment.