November 23, 2021
Air Canada terminates $3.975 billion LEEFF facility
On Thursday, November 18, 2021, Air Canada gave notice to Canada Enterprise Emergency Funding Corporation (CEEFC) that it is terminating secured and unsecured loan facilities of $3.975 billion that were established a part of its Large Employer Emergency Financing Facility (LEEFF) support package in April 2021. These facilities were never drawn by Air Canada.
CEEFC continues to provide a $1.4 billion loan facility for Air Canada specifically for the purpose of reimbursing customers for trips cancelled due to COVID-19. Air Canada has drawn approximately $1.2 billion of this amount to date. CEEFC continues to hold the Air Canada shares it purchased for $500 million in April 2021.