Air Canada posted a staggering $1.16 billion loss in the fourth quarter of 2020, a result that caps off what the company’s chief executive called the bleakest year in aviation history.
Despite the losses, Air Canada president and CEO Calin Rovinescu said on a call with analysts Friday morning that he was encouraged by the progress of recent talks with the federal government about a bailout package for the sector, which have been ongoing for months without a resolution.
“While there is no assurance at this stage that we will arrive at a definitive agreement on sector support, I am more optimistic on this front for the first time,” Rovinescu said.
The discussions have ramped up over the last several weeks, reaching a pace that Rovinescu called a negotiation. Any deal would include a resolution on passenger refunds, a plan for returning service to regional markets and financial support for the aerospace sector, Rovinescu said.