In addition, Air Canada has entered into an agreement with a supplier, which includes the finalization and financing of the credit contract, which will provide Air Canada with a payment of approximately $220 million, taking into account various contractual obligations. “With this and other transactions, the moratorium on pension financing and new pension deficit financing agreements, as well as the 21-month renewal of our non-cost-free collective agreements, we have strengthened our position,” said Mr. Rovinescu. On July 29, 2009, Air Canada entered into a financing agreement with Ge Canada Finance Holding Company, Export Development Canada, Aeroplan Canada Inc. and ACE Aviation Holdings Inc. as lenders. GE Finance acts as an administrative agent and GE Capital Markets Inc. and GE Capital Markets (Canada) Ltd. as arrangers. The secured financing extends a long-term credit facility of up to $700 million (credit agreement) to Commercial Terms to Air Canada for the refinancing of certain debts and the granting of working capital financing and other general activities. Because Air Canada had pursued a scorched earth policy to prevent Onex`s proposed acquisition as one of its defence lines, it had been burdened with difficult contracts with almost all of its suppliers. On April 1, 2003, Air Canada applied for protection under the Credit Companies Arrangement Act; it came out of this protection on 30 September 2004, eighteen months later. During the bankruptcy protection period, the company was subject to two competing offers from Cerberus Capital Management and Victor Li.
At the time of the Cerberus bid, former Prime Minister Brian Mulroney was reportedly appointed President, recruited by International Advisory Board Chairman Dan Quayle, former Vice-President of the United States. Cerberus was rejected because it had a reputation for changing existing retirement contracts for workers, which was strongly rejected by the CAW. First, Air Canada chose Victor Lis Trinity Time Investments, who first sought the board`s veto and chairship in exchange for a $650 million investment in the airline. Li, who holds dual nationality in Canada and Hong Kong, then requested changes to the retirement plan (which was not included in his initial acquisition offer), but as the unions refused to defend themselves, the offer was withdrawn.  “These transactions were concluded to advance our debt relief strategy and move away from the maintenance of excess cash and the preference for lines of credit as we move forward with our efforts to achieve investment-level solvency,” said Pierre Houle, Managing Director and Treasurer of Air Canada. Forward-looking statements are naturally based on assumptions, including those described above, and are subject to significant risks and uncertainties. Forward-looking statements cannot be taken into account, in particular due to changes in external events and general uncertainties in the business. Actual results may differ materially from the results presented in the forward-looking statements, due to a number of factors, including, but not limited to, our ability to succeed or maintain positive net profitability or to our initiatives and objectives, industry, market, credit, economic and geopolitical conditions, energy prices, currency exchanges , competition, our reliance on technology, cybersecurity risks, our ability to pay our debt and secure financing.
our ability to successfully implement appropriate strategic initiatives or reduce operating costs, war, terrorist acts, epidemics, airport users and related charges, high fixed costs, liquidity, our dependence on major suppliers, including regional airlines, and the successful resumption of Aimia Inc.`s retention business. , our success in the transition of the Aeroplan program and the introduction of our new loyalty program. , accident losses, relationships and labor and work costs, our ability to maintain and develop our brand, issues