As we have said since this crisis began, we have Canadians’ backs and stand ready to do anything and everything in our power to support those who are suffering.
McKenna says C$5 billion would be acceptable, provided not all of it goes to WestJet and Air Canada, which tower over the rest.Air Canada’s credit rating was put under review for downgrade by Moody’s Investors Service on Wednesday. This support will help airports reduce cost pressures and preserve their cash flow as they deal with the effects of COVID-19 on their revenue streams. We are appreciative that they continue to support the flow of people and goods during this challenging time.”The 21 airport authorities that will receive relief are:Relief will also be provided to PortsToronto, which operates the Billy Bishop Toronto City Airport and pays an annual charge to Transport Canada based on the revenues it earns under the terms of its letters patent. Today, Finance Minister Bill Morneau announced that the government is waiving ground lease rents from March 2020 through to December 2020 for the 21 airport authorities that pay rent to the federal government. The support provided today is the next step in Canada’s COVID-19 Economic Response Plan to help workers and businesses get through this unprecedented time of turmoil.”“From March to December 2020, the Government of Canada intends to waive rent for the 21 National Airport System airport authorities, and will provide comparable support to Billy Bishop airport.
“The industry has got to change.
A bond issue due in April 2021 is now trading at 94 cents on the dollar to yield 14%, according to At higher risk are smaller carriers, which will go bankrupt unless they receive significant help from the government, said Tae Hoon Oum, a transportation and airline expert at the University of British Columbia’s Sauder School of Business.“That means less competition in the long run,” he said.The crisis, by forcing a lot of people to work from home, will likely make employers reconsider how much business travel is needed when it is over, according to McGill’s Gradek. If Canada pours public money into airlines, they should adjust to new realities and refrain from flooding the market with flights, he said.“There’s lots of other industries that are going to need as much if not more help than the airline industry so we got to be very judicious and reasonable in terms of the funds that we give,” he said. “From March to December 2020, the Government of Canada intends to waive rent for the 21 National Airport System airport authorities, and will provide comparable support to Billy Bishop airport.
Air Canada is benefitting from a governmental program that is supporting the salaries of the employees up to a certain amount, although this has not prevented a round of layoffs for 20,000 employees, including 35% of the management. Small airlines at bankruptcy risk soon, industry group says If you have additional questions, or need to advise us of your medical condition, you can contact the Air Canada Medical Assistance Desk: Phone: 1-800-667-4732 (toll-free for Canada and the United States) 1-514-369-7039 (long distance charges apply) Fax: 1-888 … This will provide relief up to $331.4 million, reflecting payments in the same period of 2018.These measures are part of the Government of Canada’s The government continues to assess and respond to the impact of COVID-19, and stands ready to take additional actions as needed to stabilize the economy and mitigate the impacts of the pandemic.“We recognize the impacts that the COVID-19 pandemic continues to have on people and the economy, and that certain sectors, such as the air transportation industry, have suffered tremendously. From: Transport Canada News release.