Mr. Speaker, when Air Canada restructured under credit protection in 2004, ACE Aviation Holdings was created to sell off Air Canada's business assets. To do their part, Air Canada employees agreed to allow the company to postpone repayment of its pension liabilities. Air Canada's pension plan is now nearly $4 billion in deficit, with funding obligations of $462 million for 2009.
Having sold off the profitable divisions of Air Canada, ACE is now looking to distribute over $400 million to shareholders, but it has no plans to shore up the Air Canada pension plan.
When is the government going to act to protect Air Canada pensioners and workers?