Air Canada closer to bankruptcy?
The losses are constant for the carrier
Going far: slogan chosen with pride to make it clear how far-sighted its commercial policy was did not bring much luck to the airline Air Canada. According to what was leaked in recent hours, the North American company would be on the verge of bankruptcy, a bankruptcy that is too close and that can be guessed by analyzing some numbers. First of all, one billion dollars would be burned every three months, which means that 9 million dollars are lost every day (read also the article published by AVIONEWS). Markets reacted in an unusual way, however, as Air Canada's shares rose 30 percentage points in the past two weeks.
Before the coronavirus pandemic, it was possibile to talk about this airline as a virtuous example of air transport and for the entire Nation; now every perspective has changed, also because some gains do not even seem likely, not even in the long term. The only consolation, if you can call it that, came from the last quarterly; it was expected that in the Summer there would be a loss of one billion dollars, instead it stopped "only" at 800 million. Finally, for the fourth quarter of 2020, other losses of between 12 and 14 million per day are expected, as also confirmed by the financial director of Air Canada, Michael Rousseau.
AVIONEWS - World Aeronautical Press Agency