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A bailout package may be coming to Canada’s airline industry soon.
Air Canada(TSX:AC) confirmed that talks with the federal government are ongoing. Thus far, airline companies have received more than $1.7 billion in financial support through the Canada Emergency Wage Subsidy (CEWS).
The central precondition is that Air Canada and other airlines must commit to refund or repay customers for flights not taken. Union president Jerry Dias said Air Canada has long been amenable to a rebate agreement in exchange for a bailout.
News of a potential federal package excites investors. As of March 5, 2021, the share price is $26.90, or an 18% year-to-date gain. A year ago (pre-pandemic), it was $32.16. Many anticipate a breakneck rally by the airline stock, although the ride could still be bumpy. No one knows yet if there’s a big catch in the agreement with the government.