Air Canada raises additional C$1.23 billion

(Reuters) – Air Canada said on Monday it had closed two additional financing deals for net proceeds of C$1.23 billion ($909 million), as it shores up funds to meet expenses amid the coronavirus crisis.

Canada’s largest carrier said it had raised C$5.5 billion of liquidity since the start of the COVID-19 pandemic in the first quarter of 2020.

“The fact Air Canada was able to add C$1.23 billion to its liquidity … without utilizing any of its previously disclosed unencumbered assets leaves the airline in an excellent position to access additional funds should the need arise,” Air Canada Treasurer Pierre Houle said in a statement.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel)