Air Canada says it has repaid about $589 million in debt that it used to buy aircraft. An Air Canada Boeing 777 is seen on approach to land at Vancouver International Airport in Richmond, B.C., on Tuesday, April 11, 2023. THE CANADIAN PRESS/Darryl Dyck
MONTREAL – Air Canada says it has repaid about $589 million in debt that it used to buy aircraft.
The company says it repaid a $462-million loan from Canada’s Export Development Corp. that it used to pay for the purchase of 14 Airbus A220-300 aircraft.
The airline also repaid $127 million in a partial repayment of financings supported by the Export-Import Bank of the United States that was used to buy four Boeing 787-8 aircraft.
Air Canada says one of its top priorities following the pandemic has been to reduce debt.
It says the moves strengthen its balance sheet and provide it with more flexibility to make strategic investments.
Air Canada reported a profit of $838 million in the quarter ended June 30 compared with a loss of $386 million in the same period a year earlier.
This report by The Canadian Press was first published Sept. 8, 2023.
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