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Onex Corp
Symbol ONEX
Shares Issued 99,059,243
Close 2020-06-04 C$ 63.77
Market Cap C$ 6,317,007,926
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Post says the world won't weep if Air Canada disappears

2020-06-05 09:12 ET - In the News

See In the News (C-AC) Air Canada

The Financial Post reports in its Friday edition that Transport Minister Marc Garneau has made it clear that he considers his primary responsibility to be saving Canada's airline industry, rather than protecting its customers. The Post's Kelly McParland writes that the former astronaut-turned-politician said as much when he was asked about the airlines' refusal to refund money to passengers, offering vouchers instead. "I have a responsibility to make sure that when this pandemic is over, we still have an airline industry," he replied. It is a reasonable enough argument to make if you assume, as Mr. Garneau appears to, that the demise of Air Canada or WestJet would mark the end of air travel in Canada. The assumption simply does not hold. Plenty of Canadian carriers have come and gone from the skies without the apocalypse ensuing. Wardair was once the country's third-largest airline. It was eventually sold to Canadian Airlines, which for a time dominated Asian routes, and was itself bought up by Air Canada. Any time one carrier disappears, another pops up, driven by the simple fact of demand. There is no reason to assume that would not happen again, should one of Canada's major firms fall victim to COVID-19.

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