Air Canada, Canadian officials agree on bailout
AP, TORONTO
Air Canada and the Canadian government on Monday agreed on financing that would allow the airline to access as much as C$5.9 billion (US$4.7 billion) to help it recover from the economic damage caused by the COVID-19 pandemic.
Canadian Deputy Prime Minister Chrystia Freeland said that the support includes C$4 billion (US$3.2billion) in loans and C$500 million (US$398 million) in equity that would give Canadians a stake in Air Canada, which is the country’s largest airline.
As part of the financial package, Air Canada has agreed to a number of commitments related to customer refunds, service to regional communities, restrictions on the use of the funds provided, employment and capital expenditures.
Covid-19 variant from Brazil has taken hold in Canada
People wearing protective face masks, goggles and Tyvek suits, who said they traveled from Colombia wait for a car rental company shuttle, after arriving at Vancouver International Airport in Richmond, British Columbia., Thursday, Dec. 31, 2020. Beginning January 7, air travelers arriving in Canada will be required to provide proof of a negative COVID-19 test conducted within 72 hours of boarding the plane. (Darryl Dyck/The Canadian Press via AP) (AP)
(HT PRINT)Premium
VIPAL MONGA
, The Wall Street Journal
The province of British Columbia is struggling to contain the variant, which is more contagious and is sending younger patients to hospitals
Chorus Aviation to get cash infusion to help weather COVID-19 challenges, pay debt
A plane is silhouetted as it takes off from Vancouver International Airport in Richmond, B.C., on May 13, 2019. THE CANADIAN PRESS/Jonathan Hayward March 16, 2021 - 3:32 PM
HALIFAX - As the airline industry continues to struggle with plummeting passenger volumes and no government bailout plan, Halifax-based Chorus Aviation Inc. announced Tuesday a pair of transactions to provide the company with cash it needs during pandemic-related challenges.
The company says it will receive gross proceeds of up to $130 million from a secondary offering and a private placement.
RBC Capital Markets will lead a syndicate of underwriters to purchase and sell $50 million units of Chorus at $4.60 per unit and $50 million of convertible senior unsecured debentures at $1,000 each with interest of six per cent per year.
Chorus Aviation to get cash infusion to help weather COVID-19 challenges, pay debt - Medicine Hat NewsMedicine Hat News medicinehatnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from medicinehatnews.com Daily Mail and Mail on Sunday newspapers.
MONTREAL - After being laid off from her job as a flight attendant for Air Transat in April, Jennifer Yurchuk, who has 29 years of experience on the job, found work as a courier for FedEx while living off of her savings until her airline calls her back to work, if it ever does.