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Air Canada cancels state aid as financial position improves

Air Canada (AC, Montréal Trudeau) has withdrawn from further government financial support citing improved liquidity of CAD14.4 billion Canadian dollars (USD11.3 billion) and ongoing recovery from the pandemic.

The support package, announced in April 2021, provided the carrier with access to interest-bearing loans of CAD5.375 billion (USD4.251 billion) through several separate credit facilities. To date, the airline has accessed about CAD1.2 billion (USD949 million) for consumer refunds, while all other remaining facilities totalling CAD3.975 billion (USD3.144 billion) have not been used, the airline said in a statement.