Air Canada to get C$5.9B government aid package

Air Canada will receive about C$5.9 billion in cash and loans from the Canadian government, which will buy around C$500 million of Air Canada stock at a discount. The airline will agree to retain employees, restrict share buybacks and dividends, cap executive compensation and follow through on buying 33 Airbus SE A220s made at a Quebec factory. The federal relief provides “a significant layer of insurance for Air Canada,” President and CEO Michael Rousseau said.