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Air Canada
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Shares Issued 296,700,798
Close 2020-06-30 C$ 16.95
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FP hears Air Canada's Rovinescu ratchet up the whining

2020-06-30 09:45 ET - In the News

The Financial Post reports in its Tuesday edition that Air Canada chief executive officer Calin Rovinescu says it is time for the federal government to either relax pandemic-related restrictions on travel or provide more bailout money to a beleaguered airline industry. The Post's Barbara Shecter writes that the industry has been left "basically ... in shutdown mode" amid measures to contain COVID-19. "This is catastrophic territory," Mr. Rovinescu told the Post. "This is hundreds of times worse than 9/11, SARS or the global financial crisis -- quite frankly combined. We never got to the level when we were only operating at 5 per cent in any of those circumstances, you know, other than the three days of shutdown post-9/11." The CEO said that "broad brush" blanket travel advisories were appropriate in March and April when little was understood about the virus and how COVID-19 was transmitted, but that jurisdictions such as the European Union have since moved to create "safe corridors" or "travel bubbles" based on science and virus tracking, with "biosafety" measures put in place in airports and on flights. Mr. Rovinescu says that the mandatory 14-day quarantines have put "the cold shower" on business travel.

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