Air Canada deal dead

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dhc2pilot
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Air Canada deal dead

Post by dhc2pilot »

Good luck boys.
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haironfire
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Re: Air Canada deal dead

Post by haironfire »

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airboy1
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Re: Air Canada deal dead

Post by airboy1 »

I wouldn't call it dead. Maybe it's a negotiating tactic to get government aid.
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rudder
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Re: Air Canada deal dead

Post by rudder »

Yup. Time for Plan B.

My guess is it will be QC based investor with help from QC government and loans from the Feds (industry aid).
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BingBong
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Re: Air Canada deal dead

Post by BingBong »

airboy1 wrote: Fri Apr 02, 2021 9:28 am I wouldn't call it dead. Maybe it's a negotiating tactic to get government aid.
You gonna try and weekend at Bernie’s that shit
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CitationNation
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Re: Air Canada deal dead

Post by CitationNation »

*
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Last edited by CitationNation on Mon Mar 13, 2023 3:54 pm, edited 1 time in total.
rudder
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Re: Air Canada deal dead

Post by rudder »

https://www.transat.com/en-CA/corporate ... ses/124367

Finances

As previously stated, the Corporation requires new financing totalling at least of $500 million in 2021. The Corporation has been taking and will continue to take all measures available to it to preserve cash and, as previously announced, it has put in place a $250 million short-term subordinated credit facility, which matures on June 30 and will need to be replaced or extended before that date.

The Corporation is actively pursuing negotiations to secure long-term financing, including under the Large Employer Emergency Financing Facility ("LEEFF") and via prospective support from the Canadian government for businesses in the travel and tourism sector. Discussions on both topics are at an advanced stage and Transat's management is confident that a satisfactory financing will be secured in the coming weeks.

Strategic Plan

Now that Transat is no longer constrained by the limitations under the Arrangement Agreement, it is free to focus on relaunching operations under its strategic plan, including by leveraging its many competitive advantages.

As a smaller operator, Transat can be nimble and quickly adapt to ever-shifting market conditions. There is significant pent-up demand among customers in the Corporation's primary segments of leisure travel and visiting friends and relatives (VFR), which are expected to recover sooner than business travel.

Transat's smaller aircraft fleet provides greater flexibility and efficiency, and the Corporation benefits from a well-respected brand that customers love, as well as committed staff members and a strong distribution network.

Discussions with third parties

In addition, now that the Arrangement Agreement has been terminated, Transat is free to hold discussions with potential strategic and financial acquirers, including Mr. Pierre Karl Péladeau, whose investment company, Gestion MTRHP Inc., previously made (and since reiterated) a proposal to acquire all of the issued and outstanding shares of Transat for 5$ a share. The Board intends to examine available strategic alternatives, including the pursuit of the Corporation's stand-alone business plan.

"The global air transportation and tourism industry has been among those most affected by the COVID-19 crisis. However, the arrival of vaccines brings us a light at the end of the tunnel, and Transat is well positioned to bounce back. In close to 40 years of existence, we have traversed numerous crises and each time, we emerged stronger than before, demonstrating our resilience as an organization. We look forward to a safe and healthy future, as we hopefully put this pandemic behind us," concluded Mr. Eustache.
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Curiousflyer
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Re: Air Canada deal dead

Post by Curiousflyer »

airboy1 wrote: Fri Apr 02, 2021 9:28 am I wouldn't call it dead. Maybe it's a negotiating tactic to get government aid.
https://en.wikipedia.org/wiki/Five_stages_of_grief

Would you be kind enough as to return those 777 manuals you asked for?
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RippleRock
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Re: Air Canada deal dead

Post by RippleRock »

It would be nice if our AC guys to show a little professional courtesy to our -brothers in arms- at TransAT, instead of trying to rub their faces in it. Like you, they have familys and financial obligations. This industry can be brutally hard on individuals and the ones they support and love.

I wish them all the best, and hope they emerge a healthy competitor. Air Canada needs it. Better the Devil you know.
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hithere
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Re: Air Canada deal dead

Post by hithere »

Just another example of pilots be a$$holes to one another. The only MEC that has shown any attempt at solidarity and treating others as you’d have done to you is Jazz by giving GGN and now SKY pilots DOH. That is a seismic shift in pilot mentality that will hopefully become more prevalent in years to come
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fish4life
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Re: Air Canada deal dead

Post by fish4life »

It would be interesting if Transat also went ULCC and ran the 321’s domestically as a shift
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Latitude
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Re: Air Canada deal dead

Post by Latitude »

RippleRock wrote: Fri Apr 02, 2021 12:00 pm It would be nice if our AC guys to show a little professional courtesy to our -brothers in arms- at TransAT, instead of trying to rub their faces in it. Like you, they have familys and financial obligations. This industry can be brutally hard on individuals and the ones they support and love.

I wish them all the best, and hope they emerge a healthy competitor. Air Canada needs it. Better the Devil you know.
Were you really expecting it ? I'm not surprised by their comments :!:
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Sharklasers
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Re: Air Canada deal dead

Post by Sharklasers »

fish4life wrote: Fri Apr 02, 2021 12:52 pm It would be interesting if Transat also went ULCC and ran the 321’s domestically as a shift
It would be interesting if Transat was a ulcc, in the same vein if my aunt had wheels she would be a bicycle. Transat needs survival capital and a had a mature cost structure. They won’t be trying to eat flairs lunch anytime soon.
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haironfire
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Re: Air Canada deal dead

Post by haironfire »

RippleRock wrote: Fri Apr 02, 2021 12:00 pm It would be nice if our AC guys to show a little professional courtesy to our -brothers in arms- at TransAT, instead of trying to rub their faces in it. Like you, they have familys and financial obligations. This industry can be brutally hard on individuals and the ones they support and love.

I wish them all the best, and hope they emerge a healthy competitor. Air Canada needs it. Better the Devil you know.
I agree with you. Pilots at AC have the best contracts in Canada, yet some, not all, have the worst attitudes.

I am sure Air Transat will not be dead. It may look different in the end, but not dead in the water.

Good luck to those involved and I am sure there are better days ahead.
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Re: Air Canada deal dead

Post by Old fella »

Now that this merger has been scuttled, it will be interesting to see what if anything AC will throw in as competition against AT. Rouge redux maybe or get out of this segment altogether and let AT have at it. Don’t think AC Rouge warmed the hearts of the travelling public, if AC goes the Rouge route again they certainly will have to up their game.
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Hangry
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Re: Air Canada deal dead

Post by Hangry »

No way AC abandons that market. Rouge planes were full.
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jpilot77
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Re: Air Canada deal dead

Post by jpilot77 »

People may bitch about Rouge, but at the end of the day people didn’t care, flights were always packed.
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Re: Air Canada deal dead

Post by TFTMB heavy »

Some people can never take the high road or resist gloating. Just know that you have not won, you had no part in how any of this played out. hat goes for both sides.

If you wouldn't dare say it to someone's face don't hide behind a keyboard, just keep it to yourself.

Transat has been a great place to work and I hope we can keep going. The attraction with the AC merger was job stability for many, keep going till our retirement. The other big attraction was that out is an airline and not a tour operator with an airline. That is the biggest problem with the TS business model in my opinion, not enough effort into the airline side to generate revenu.

That being said, Westjet would be my first choice over any other merger or acquisition due to the fact it is an airline. I'd like to see the EU complain about the monopoly on that merger but wouldn't be surprised if they tried to stop it either. There have been a lot of airlines that have failed in Europe over the past 2 years.
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rudder
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Re: Air Canada deal dead

Post by rudder »

Peladeau offer is (was?) $5.

Any idea what price TRZ will open at on Monday morning?
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altiplano
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Re: Air Canada deal dead

Post by altiplano »

rudder wrote: Sat Apr 03, 2021 8:23 am Peladeau offer is (was?) $5.

Any idea what price TRZ will open at on Monday morning?
Absent any specific comment from the players left, I'd put a low open on it, but it will find support at $4.00-$4.15. If PKP firms things up at $5 with TRZ CEO/BOD and Quebec government support... $4.85.
TFTMB heavy wrote: Sat Apr 03, 2021 8:08 am Some people can never take the high road or resist gloating. Just know that you have not won, you had no part in how any of this played out. hat goes for both sides.

If you wouldn't dare say it to someone's face don't hide behind a keyboard, just keep it to yourself.

Transat has been a great place to work and I hope we can keep going. The attraction with the AC merger was job stability for many, keep going till our retirement. The other big attraction was that out is an airline and not a tour operator with an airline. That is the biggest problem with the TS business model in my opinion, not enough effort into the airline side to generate revenu.

That being said, Westjet would be my first choice over any other merger or acquisition due to the fact it is an airline. I'd like to see the EU complain about the monopoly on that merger but wouldn't be surprised if they tried to stop it either. There have been a lot of airlines that have failed in Europe over the past 2 years.
There was a lot of back and forth the last 21 months. You guys will carry on, probably much like us over the next few years, smaller, down gauged equipment on routes, fewer frequencies.

I think we have to put water under the bridge and unite going forward in our common struggles. This proposed merger was never us, it was an MBA vanity project.

We have a common struggle now for our industry. Reading this from the EU regulator statement on the merger was a little rich I thought.
EU antitrust chief Margrethe Vestager said Air Canada offered insufficient concessions to address competition concerns.

“While the coronavirus outbreak has strongly impacted the airline sector, the preservation of competitive market structures is essential to ensure that the recovery can be swift and strong,” she said in a statement.
"preservation of competitive market structures is essential"

The EU has subsidized their Airlines to the tune of tens of billions of euros. Air France/KLM now onto its second round of bailout, Lufthansa now with a German government equity stake after multibillion cash injection. Is that a "competitive market structure"? Where are their concessions to operate subsidized lift into our market?

The EU regulator really only cares about a swift and strong recovery for EU airlines.

That's what we're going against.

Not to mention the Americans.

Canadians are flying on subsidized foreign airlines because we - Air Canada, Transat, WestJet, Sunwing - can't fly. We are losing market share, we are shedding jobs.

We need to work together and tell our associations to get to work making Canadians aware and put pressure on. Full page G&M and NP showing the foreign subsidies, showing the loss of jobs, showing the economic impact the loss in the sector has on all Canadians. Google ads. whatever.

We need some real analysis questioning what the GOC hasn't done and breaking down the effects on this country.

Then we need to revisit unity for Canadian Pilot representation. I know ALPA talks died/were blocked in '19 for political purpose. Time to look again.

Just my .05...
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