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Trudeau just bought us shares in Air Canada - big time
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brewn...@gmail.com
Apr 13, 2021, 11:59:17 AM4/13/21
to
Looks like Canadians are now share holders in Air Canada.
Lots of conditions attached to this bailout - of a private company - but looks like a whole lot of routes are going to be re-established. I would have like to see a federal government representative appointed to the airline's Board of Directors.
We've been shafted too many times by large corporations to not take extraordinary measures to protect taxpayers' money.
And as far as Air Canada now buying those cursed Boeing Max 737s . . . forget it. We've got enough death and destruction to handle with the Covid epidemic.
_______________________________
CBC News · Posted: Apr 12, 2021
Federal government, Air Canada reach deal on relief package that includes customer refunds
Airline agrees to restart regional routes and protect jobs in exchange for loans, equity investment
The federal government has reached an agreement with Air Canada that will provide the pandemic-battered airline with financial support — while committing the airline to refunding customers who saw their flights cancelled last year because of the COVID-19 pandemic.
At a news conference in Toronto on Monday, Finance Minister Chrystia Freeland and Transport Minister Omar Alghabra said the government will provide Air Canada with up to $5.9 billion through the Large Employer Emergency Financing Facility, a program aimed at supporting large Canadian employers who have lost revenue due to COVID-19.
Under the deal, the government will extend to the country's largest airline a variety of low-interest loans worth up to $5.4 billion and take an equity stake in the company by purchasing $500 million in stocks.
In exchange for federal government support, Air Canada has agreed to refund customers who had their flights cancelled last year because of the COVID-19 pandemic.
The airline also has agreed to restore flights on nearly all suspended regional routes, to cap compensation for company executives at $1 million per year and to suspend share buybacks and the payment of dividends to shareholders during the loan period.
In addition, Air Canada said it would to maintain its workforce at current levels, respect collective bargaining agreements and protect workers' pensions. The company currently has 14,859 active Canadian employees, although it employed over 38,000 employees before lost revenue caused it to lay off tens of thousands of workers.
"Taxpayers aren't footing the bill. This is a loan facility, and the government of Canada fully expects to be paid back," said Freeland.
"This is a good and fair deal for Canada and Canadians."
Lifeline for a battered industry
Today's agreement — reached after months of negotiations — promises a desperately needed lifeline for an industry that's among those hardest hit by COVID-19.
Air Canada's passenger numbers declined 73 per cent in 2020 following several years of record growth. During 2020, it reduced staff by more than 20,000, more than half of it pre-COVID total. Then, it cut another 1,700 employees in January.
The company has already collected $554 million from the Canada Emergency Wage Subsidy in 2020 and said it would continue to access the program in 2021. ^^^^^^^^^^^^^^^^^^^^^^^^
^^^^^^^^^^^^^^^^^^ !
In February, former Air Canada president and CEO Calin Rovinescu called 2020 the "bleakest year in the history of commercial aviation" when he announced the airline had lost a staggering $1.16 billion in the fourth quarter.
"The additional liquidity program we are announcing today achieves several aligned objectives as it provides a significant layer of insurance for Air Canada, it enables us to better resolve customer refunds of non-refundable tickets, maintain our workforce and re-enter regional markets," Michael Rousseau, the airline's current president and CEO, said in a statement.
"Most importantly, this program provides additional liquidity, if required, to rebuild our business to the benefit of all stakeholders and to remain a significant contributor to the Canadian economy through its recovery and for the long term."
Customers who purchased non-refundable fares but did not travel due to COVID-19 since February 2020 will be eligible to receive refunds as of April 13, the company said.
Freeland said anyone who bought a ticket before the government announced travel restrictions on March 22, 2020 that either they or the airline cancelled will be eligible for a refund. Those who purchased tickets after that date but had their flight cancelled by the airline will also be eligible, she said.
Kathleen Fisher, an Air Canada customer from Quebec who was out $2,000 for flights she and her daughter never took to Jamaica last May, said she was overcome with emotion upon hearing news of the deal.
"It wasn't so much about the money. It was more about — being in a pandemic like this — we could have used the money back to pay bills or, especially my daughter, she could have used the funds as well," Fisher told CBC.
Freeland said the government is still negotiating potential aid packages for other airlines, including Calgary-based WestJet. She said the basic requirements of refunding customers, restoring regional routes, restricting executive compensation and protecting jobs would apply to other potential deals, but that each package would reflect the individual needs of the airline.
In a statement, WestJet spokesperson Morgan Bell confirmed the company is in talks with the government over what it called a "safe travel-restart framework." Bell said WestJet has pledged to restore service "at our earliest opportunity" to the 42 airports it served before the pandemic began and that its refund policy is "industry-leading."
"We remain committed to building back even stronger for the betterment of all Canadians. A healthy WestJet will help lead a stronger recovery, increasing competition and consumer choice while lowering the cost of travel for Canadians," Bell said.
'Workers should be happy': union leader
The government said the financing will also allow Air Canada to continue supporting the country's aerospace industry — in part by allowing it to complete the purchase of 33 Airbus A220 aircraft, manufactured at Airbus' facility in Mirabel, Que., and a separate order for 40 Boeing 737 Max aircraft.
Jerry Dias, national president of Unifor, which represents about 15,000 workers in the airline industry, called the agreement a "win-win" for the government, consumers, the industry and airline workers.
"You've got consumers [who] are winning because Air Canada is going to give back their refunds. Taxpayers are winning because these are straight loans, it's not grants. And the federal government will take about $500 million worth of shares or six per cent ownership," said Dias in an interview on CBC's Power & Politics.
Unifor president Jerry Dias tells Vassy Kapelos on Power & Politics that the deal the federal government reached with Air Canada will provide a template for deals with other airlines. 7:37
"All in all, I think workers should be happy ... it's a win-win for everyone."
Dias said Air Canada's commitment to purchase Airbus and Boeing Max jets will help sustain aerospace industry jobs, particularly in Quebec and Manitoba.
"This protects a heck of a lot of jobs," Dias said.
________________________________________________
. . . . in a privately-owned company. I'd have preferred to see a 51% share by the government in the airline.
Lots of conditions attached to this bailout - of a private company - but looks like a whole lot of routes are going to be re-established. I would have like to see a federal government representative appointed to the airline's Board of Directors.
We've been shafted too many times by large corporations to not take extraordinary measures to protect taxpayers' money.
And as far as Air Canada now buying those cursed Boeing Max 737s . . . forget it. We've got enough death and destruction to handle with the Covid epidemic.
_______________________________
CBC News · Posted: Apr 12, 2021
Federal government, Air Canada reach deal on relief package that includes customer refunds
Airline agrees to restart regional routes and protect jobs in exchange for loans, equity investment
The federal government has reached an agreement with Air Canada that will provide the pandemic-battered airline with financial support — while committing the airline to refunding customers who saw their flights cancelled last year because of the COVID-19 pandemic.
At a news conference in Toronto on Monday, Finance Minister Chrystia Freeland and Transport Minister Omar Alghabra said the government will provide Air Canada with up to $5.9 billion through the Large Employer Emergency Financing Facility, a program aimed at supporting large Canadian employers who have lost revenue due to COVID-19.
Under the deal, the government will extend to the country's largest airline a variety of low-interest loans worth up to $5.4 billion and take an equity stake in the company by purchasing $500 million in stocks.
In exchange for federal government support, Air Canada has agreed to refund customers who had their flights cancelled last year because of the COVID-19 pandemic.
The airline also has agreed to restore flights on nearly all suspended regional routes, to cap compensation for company executives at $1 million per year and to suspend share buybacks and the payment of dividends to shareholders during the loan period.
In addition, Air Canada said it would to maintain its workforce at current levels, respect collective bargaining agreements and protect workers' pensions. The company currently has 14,859 active Canadian employees, although it employed over 38,000 employees before lost revenue caused it to lay off tens of thousands of workers.
"Taxpayers aren't footing the bill. This is a loan facility, and the government of Canada fully expects to be paid back," said Freeland.
"This is a good and fair deal for Canada and Canadians."
Lifeline for a battered industry
Today's agreement — reached after months of negotiations — promises a desperately needed lifeline for an industry that's among those hardest hit by COVID-19.
Air Canada's passenger numbers declined 73 per cent in 2020 following several years of record growth. During 2020, it reduced staff by more than 20,000, more than half of it pre-COVID total. Then, it cut another 1,700 employees in January.
The company has already collected $554 million from the Canada Emergency Wage Subsidy in 2020 and said it would continue to access the program in 2021. ^^^^^^^^^^^^^^^^^^^^^^^^
^^^^^^^^^^^^^^^^^^ !
In February, former Air Canada president and CEO Calin Rovinescu called 2020 the "bleakest year in the history of commercial aviation" when he announced the airline had lost a staggering $1.16 billion in the fourth quarter.
"The additional liquidity program we are announcing today achieves several aligned objectives as it provides a significant layer of insurance for Air Canada, it enables us to better resolve customer refunds of non-refundable tickets, maintain our workforce and re-enter regional markets," Michael Rousseau, the airline's current president and CEO, said in a statement.
"Most importantly, this program provides additional liquidity, if required, to rebuild our business to the benefit of all stakeholders and to remain a significant contributor to the Canadian economy through its recovery and for the long term."
Customers who purchased non-refundable fares but did not travel due to COVID-19 since February 2020 will be eligible to receive refunds as of April 13, the company said.
Freeland said anyone who bought a ticket before the government announced travel restrictions on March 22, 2020 that either they or the airline cancelled will be eligible for a refund. Those who purchased tickets after that date but had their flight cancelled by the airline will also be eligible, she said.
Kathleen Fisher, an Air Canada customer from Quebec who was out $2,000 for flights she and her daughter never took to Jamaica last May, said she was overcome with emotion upon hearing news of the deal.
"It wasn't so much about the money. It was more about — being in a pandemic like this — we could have used the money back to pay bills or, especially my daughter, she could have used the funds as well," Fisher told CBC.
Freeland said the government is still negotiating potential aid packages for other airlines, including Calgary-based WestJet. She said the basic requirements of refunding customers, restoring regional routes, restricting executive compensation and protecting jobs would apply to other potential deals, but that each package would reflect the individual needs of the airline.
In a statement, WestJet spokesperson Morgan Bell confirmed the company is in talks with the government over what it called a "safe travel-restart framework." Bell said WestJet has pledged to restore service "at our earliest opportunity" to the 42 airports it served before the pandemic began and that its refund policy is "industry-leading."
"We remain committed to building back even stronger for the betterment of all Canadians. A healthy WestJet will help lead a stronger recovery, increasing competition and consumer choice while lowering the cost of travel for Canadians," Bell said.
'Workers should be happy': union leader
The government said the financing will also allow Air Canada to continue supporting the country's aerospace industry — in part by allowing it to complete the purchase of 33 Airbus A220 aircraft, manufactured at Airbus' facility in Mirabel, Que., and a separate order for 40 Boeing 737 Max aircraft.
Jerry Dias, national president of Unifor, which represents about 15,000 workers in the airline industry, called the agreement a "win-win" for the government, consumers, the industry and airline workers.
"You've got consumers [who] are winning because Air Canada is going to give back their refunds. Taxpayers are winning because these are straight loans, it's not grants. And the federal government will take about $500 million worth of shares or six per cent ownership," said Dias in an interview on CBC's Power & Politics.
Unifor president Jerry Dias tells Vassy Kapelos on Power & Politics that the deal the federal government reached with Air Canada will provide a template for deals with other airlines. 7:37
"All in all, I think workers should be happy ... it's a win-win for everyone."
Dias said Air Canada's commitment to purchase Airbus and Boeing Max jets will help sustain aerospace industry jobs, particularly in Quebec and Manitoba.
"This protects a heck of a lot of jobs," Dias said.
________________________________________________
. . . . in a privately-owned company. I'd have preferred to see a 51% share by the government in the airline.
Alan Baker
Apr 13, 2021, 12:21:10 PM4/13/21
to
On 2021-04-13 8:59 a.m., brewn...@gmail.com wrote:
> Looks like Canadians are now share holders in Air Canada.
>
> Lots of conditions attached to this bailout - of a private company -
> but looks like a whole lot of routes are going to be re-established.
> I would have like to see a federal government representative
> appointed to the airline's Board of Directors. We've been shafted too
> many times by large corporations to not take extraordinary measures
> to protect taxpayers' money.
>
> And as far as Air Canada now buying those cursed Boeing Max 737s . .
> . forget it. We've got enough death and destruction to handle with
> the Covid epidemic.
Demonstrating your lack of understanding of yet another subject.
> Looks like Canadians are now share holders in Air Canada.
>
> Lots of conditions attached to this bailout - of a private company -
> but looks like a whole lot of routes are going to be re-established.
> I would have like to see a federal government representative
> appointed to the airline's Board of Directors. We've been shafted too
> many times by large corporations to not take extraordinary measures
> to protect taxpayers' money.
>
> And as far as Air Canada now buying those cursed Boeing Max 737s . .
> . forget it. We've got enough death and destruction to handle with
> the Covid epidemic.
There is nothing inherently wrong with the Boeing 737 MAX. The only
thing that made the airplane "cursed" or any problem at all, was that
Boeing produced an aircraft where they had promised that no type
training would be required for pilots of other 737 variants; saving
purchasers of the 737 MAX a lot of money.
If they had succeeded in producing an aircraft whose handling
characteristics matched the other 737s sufficiently well, that would
have been fine, but they didn't.
However, now that the handling characteristics of the MAX are well
known, no airline pilot would have the slightest problem flying it safely.
brewn...@gmail.com
Apr 13, 2021, 12:49:36 PM4/13/21
to
On Tuesday, April 13, 2021 at 9:21:10 AM UTC-7, Alan Baker wrote:
> Demonstrating your lack of understanding of yet another subject.
> There is nothing inherently wrong with the Boeing 737 MAX. The only
> thing that made the airplane "cursed" or any problem at all, was that
> Boeing produced an aircraft where they had promised that no type
> training would be required for pilots of other 737 variants; saving
> purchasers of the 737 MAX a lot of money.
>
> If they had succeeded in producing an aircraft whose handling
> characteristics matched the other 737s sufficiently well, that would
> have been fine, but they didn't.
>
> However, now that the handling characteristics of the MAX are well
> known, no airline pilot would have the slightest problem flying it safely.
Uh, "demonstrating your lack of understanding of yet another subject", Baker . . . .
> Demonstrating your lack of understanding of yet another subject.
> There is nothing inherently wrong with the Boeing 737 MAX. The only
> thing that made the airplane "cursed" or any problem at all, was that
> Boeing produced an aircraft where they had promised that no type
> training would be required for pilots of other 737 variants; saving
> purchasers of the 737 MAX a lot of money.
>
> If they had succeeded in producing an aircraft whose handling
> characteristics matched the other 737s sufficiently well, that would
> have been fine, but they didn't.
>
> However, now that the handling characteristics of the MAX are well
> known, no airline pilot would have the slightest problem flying it safely.
__________________________
https://www.travelandleisure.com - April 12, 2021
Boeing 737 Max Grounded by Over a Dozen Airlines Due to Electrical Issue
Southwest Airlines, one of the leading customers of 737 MAX aircraft, said it has not experienced any problems related to the electrical issue but has grounded 30 of its 58 MAX aircraft after the Boeing notification, The AP reported.
Additionally, American Airlines has grounded 17 of its 41 MAX aircraft and United grounded 16 of its 30.
The 737 MAX started flying again in December after having been grounded for nearly two years following two fatal crashes in March 2019 and October 2018 that killed over 300 people.
During the 20 months the aircraft was grounded, manufacturers worked on the plane's automated flight-control system, which contributed to both crashes. The new issue is a component in the aircraft's electrical power system, which Boeing says is unrelated to the flight-control system.
https://thumbs.gfycat.com/QuarrelsomeIdealisticCoelacanth.webp
Alan Baker
Apr 13, 2021, 12:56:42 PM4/13/21
to
This is only news because of the earlier accidents with the plane.
Commercial aircraft are incredibly complex and they get pulled for
various issues as they are discovered.
<https://rgl.faa.gov/Regulatory_and_Guidance_Library/rgSAIB.nsf/MainFrame?OpenFrameSet>
brewn...@gmail.com
Apr 13, 2021, 1:36:17 PM4/13/21
to
On Tuesday, April 13, 2021 at 9:56:42 AM UTC-7, Alan Baker wrote:
> Uh... ...demonstrating further lack of understanding, Karen.
> This is only news because of the earlier accidents with the plane.
Yeah, that's it . . . . previous crashes that have killed hundreds of people have no bearing on future issues . . .
> Uh... ...demonstrating further lack of understanding, Karen.
> This is only news because of the earlier accidents with the plane.
> Commercial aircraft are incredibly complex and they get pulled for
> various issues as they are discovered.
https://media.tenor.com/images/2a776c05f4f391ae38d4d86406e5a878/tenor.gif
Eric@
Apr 13, 2021, 1:42:01 PM4/13/21
to
Alan Baker wrote...
Also, AC already owns 24 737 MAX with 16 more on order.
Dave Smith
Apr 13, 2021, 1:47:44 PM4/13/21
to
and liked the 737MAX. The problem was with the avionics. According to
him, there was a package that would have prevented the situation that
caused those crashes. His company paid for it and had no problems.
brewn...@gmail.com
Apr 13, 2021, 2:33:06 PM4/13/21
to
On Tuesday, April 13, 2021 at 10:42:01 AM UTC-7,
There is no way Air Canada should be using Canadian taxpayers' dollars to further expand its fleet at a time when no one should be traveling - and the pandemic is worsening, not abating. My (I don't care about yours) tax money should not be going towards expanding a private enterprise's aircraft fleet.
When Air Canada starts to operate in the black again - without the use of my tax dollars - they can expand and buy to their little flying hearts' content. Until then, they can concentrate on adjusting to a very different passenger load reality and start repaying the loan to our government. They have enough Airbuses and non-737 Max aircraft to continue operating without ANY expansion of their fleet.
You don't go out and buy dozens of pairs of expensive shoes when you're confined to a wheelchair. . . And the final diagnosis is not yet in.
Eric Schild aka Eric@ wrote:
> Also, AC already owns 24 737 MAX with 16 more on order.
They bought their current fleet of them long before the global Covid pandemic. When they cancelled so many 'non profitable' routes during the pandemic, they showed that they had a surplus of aircraft for the times and left many of them parked.
> Also, AC already owns 24 737 MAX with 16 more on order.
There is no way Air Canada should be using Canadian taxpayers' dollars to further expand its fleet at a time when no one should be traveling - and the pandemic is worsening, not abating. My (I don't care about yours) tax money should not be going towards expanding a private enterprise's aircraft fleet.
When Air Canada starts to operate in the black again - without the use of my tax dollars - they can expand and buy to their little flying hearts' content. Until then, they can concentrate on adjusting to a very different passenger load reality and start repaying the loan to our government. They have enough Airbuses and non-737 Max aircraft to continue operating without ANY expansion of their fleet.
You don't go out and buy dozens of pairs of expensive shoes when you're confined to a wheelchair. . . And the final diagnosis is not yet in.
M I Wakefield
Apr 13, 2021, 4:49:54 PM4/13/21
to
Last year, Air Canada retired all their Embraer 190 and Boeing
767-300ER planes, and this year, the last of the Airbus 319's were
taken out of the main fleet.
That capacity has to be replaced.
M I Wakefield
Apr 13, 2021, 4:51:28 PM4/13/21
to
package standard ... now they're a company run by accountants.
Alan Baker
Apr 13, 2021, 5:04:00 PM4/13/21
to
On 2021-04-13 10:36 a.m., brewn...@gmail.com wrote:
> On Tuesday, April 13, 2021 at 9:56:42 AM UTC-7, Alan Baker wrote:
>> Uh... ...demonstrating further lack of understanding, Karen.
>> This is only news because of the earlier accidents with the plane.
>
> Yeah, that's it . . . . previous crashes that have killed hundreds of people have no bearing on future issues . . .
Yes. That's correct. This one has literally nothing to do with the other...
> On Tuesday, April 13, 2021 at 9:56:42 AM UTC-7, Alan Baker wrote:
>> Uh... ...demonstrating further lack of understanding, Karen.
>> This is only news because of the earlier accidents with the plane.
>
> Yeah, that's it . . . . previous crashes that have killed hundreds of people have no bearing on future issues . . .
...just as your own cite said:
'During the 20 months the aircraft was grounded, manufacturers worked on
the plane's automated flight-control system, which contributed to both
crashes. The new issue is a component in the aircraft's electrical power
system, which Boeing says is unrelated to the flight-control system.'
crashes. The new issue is a component in the aircraft's electrical power
>
>> Commercial aircraft are incredibly complex and they get pulled for
>> various issues as they are discovered.
>
> No kidding?
Alan Baker
Apr 13, 2021, 5:05:00 PM4/13/21
to
aircraft by doing so.
Alan Baker
Apr 13, 2021, 5:05:48 PM4/13/21
to
But simple pilot type training would have completely prevented the
problem from being a problem.
Greg Carr
Apr 14, 2021, 3:46:01 AM4/14/21
to
WE is a scam. They didn't even file their fiscals like other charities in Canada did last year. They recieved wage subsidy money even after they lied and said they were shutting down. The Keilburgers and their parents belong in jail. Trudeau, Telford, Butts, Chagger, Taggert and Hajdu and Tait and Michel Bissonette must resign. Alexandre (Sassy Sasha) Trudeau the mansion living brother of Justin and Maggie their pot smoking drug casualty cocaine and psilocybin bipolar, slut Mom must return all the money plus the expenses. $700k . Maggie the unattractive lives in a dingy Mtl apt. alone because no man wants her which because of her slovenly habits catches fire. Her sons Sacha and Justin with their inherited mansions and Justin's 2 million dollar Mercedes-Benz won't allow Maggie to live with them fearing for their children's lives. The Trudeau crooks gave tax payer dollars to WE to help out Mommy fornicator and the PM's rich brother. They are engaged in a total coverup heck it is now in plain sight (but hey Megan is on the outs with the Queen) and the RCMP and Toronto Police and CRA and OPP just cash their cheques and do nothing with the CBC headed by NYC living Tait along for the ride. SNC-Lavalin. The Admiral Mark Norman debacle where the Liberals trumped up criminal charges against him only to later retract and apologize and give him taxpayer hush money to stay quiet. 5 times the Liberals have been cited by their own appointed Ethics Commissioner in 5 years. DEFUND THE CBC it costs taxpayers 1.3 billion dollars a year to prop it up. Sell the CBC building in Vancouver to developers make it 20% affordable low cost housing and 10% for O.A.S. and disability welfare reciepients. Voting Tory. There is talk of a summer election. Various senior military have resigned or are being investigated for sex crimes.
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