Air Canada repays $589M in debt used to buy Airbus and Boeing aircraft

MONTREAL –

Air Canada says it has repaid about $589 million in debt that it used to purchase plane.

The firm says it repaid a $462-million mortgage from Canada’s Export Development Corp. that it used to pay for the acquisition of 14 Airbus A220-300 plane.

The airline additionally repaid $127 million in a partial reimbursement of financings supported by the Export-Import Bank of the United States that was used to purchase 4 Boeing 787-8 plane.

Air Canada says one in every of its prime priorities following the pandemic has been to cut back debt.

It says the strikes strengthen its stability sheet and supply it with extra flexibility to make strategic investments.

Air Canada reported a revenue of $838 million within the quarter ended June 30 in contrast with a lack of $386 million in the identical interval a 12 months earlier.

This report by The Canadian Press was first printed Sept. 8, 2023.