Mr. Speaker, pursuant to Standing Order 52, I request leave for an emergency debate on the future of Canadian Airlines International.
As you probably know, this company is facing a major crisis. Last Friday, November 15, the board of directors announced that they were all resigning, because they feared they might be held financially responsible in case of a bankruptcy.
These last few years, significant efforts have been made by employees, governments and investors to try and save the company. In 1992, a major $1.6 billion restructuring plan was implemented, which included the conversion of $800 million in debt into capital stock, a $246 million investment from American Airlines, a $200 million contribution by the employees, $120 million in government loans, the buy-back of three Airbus planes by the federal government for some $150 million when their market value was less than half that amount, a $40 million service contract for these three planes, the federal government's commitment to protect Canadian Airlines' monopoly over the most profitable routes in Asia, et cetera.
However, we have to acknowledge that the company still continues to be buried under huge debts, and financial assistance from the federal government will not help the airlines out of this fix. Despite all the favours granted and efforts made by the government, profits still seem out of Canadian Airlines' reach.
The federal government cannot witness this disaster and do nothing. Bankruptcy would mean the loss of more than 16,400 jobs throughout Canada and the transfer of thousands of jobs from Canada to the United States, for instance.
So, consideration of the future of Canadian Airlines International is urgently required. Such an emergency debate would emphasize the opportunities provided to both Canadian and Quebec parliamentarians and make public the government guidelines in order to avoid a major upheaval in the Canadian air transport industry.
I therefore ask, Mr. Speaker, that you consider favourably my request for an emergency debate.