04:59:38 EDT Sat 27 Apr 2024
Enter Symbol
or Name
USA
CA



Air Canada
Symbol AC
Shares Issued 358,714,730
Close 2024-02-26 C$ 18.46
Market Cap C$ 6,621,873,916
Recent Sedar Documents

Globe says Air Canada told Lynx owes feds millions

2024-02-27 08:25 ET - In the News

Also In the News (C-ONEX) Onex Corp

The Globe and Mail reports in its Tuesday edition that Lynx Air, which shut down on Sunday after receiving court protection from creditors, owes $25-million in taxes to the federal government and millions more to suppliers. The Globe's Eric Atkins writes that the overdue amounts owed, according to documents filed in an Edmonton court, include $4-million for fees at airports in Toronto and Montreal and $4.5-million to Delta Airlines for plane maintenance, and $350,000 for de-icing aircraft in Calgary. The discount carrier said in the filings it does not have the cash to repay the amounts owed to the suppliers, which had threatened to withdraw their services, seize aircraft and prevent the airline from landing at Toronto's Pearson airport. This would cause a "chaotic and haphazard" end to the airline, Lynx said in documents filed in the Court of King's Bench of Alberta, which last week gave Lynx creditor protection under the Companies' Creditors Arrangement Act (CCAA). Lynx also revealed it has been in takeover talks with rival discount airline Flair Airlines, and had reached a non-binding agreement in January. The unspecified proceeds from the sale to Flair were to go toward the $113-million debt owed to Indigo Partners.

© 2024 Canjex Publishing Ltd. All rights reserved.