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The Canadian government has announced its decision to sell its stake in Air Canada, marking the conclusion of a unique chapter in the airline’s financial history.
The stake was acquired during the COVID-19 pandemic as part of a $5.9 billion financial assistance package designed to stabilize the struggling airline industry.
This package included a $500 million equity stake in Air Canada, equivalent to about 6% ownership, alongside a $5.4 billion low-interest loan facility.
During the pandemic, Air Canada faced severe challenges, with a 73% drop in passenger traffic in 2020 and substantial layoffs.
The federal assistance package came with conditions such as refunding passengers for canceled flights, limiting…