Transat AT Inc Extraordinary Shareholders Meeting Transcript
Hello, everyone. We are here today to recommend that you approve the new revised plan of arrangement to enable the acquisition of the company by Air Canada more than a year after the initial plan was approved. It must be said that the world has certainly changed since the meeting of August 23, 2019. Since then, COVID-19 has struck, leaving 1.5 million people that -- or across the planet and ravaging certain sectors of the economy with the travel and air transport industry among those hardest hit.
To contain the epidemic, governments, and in particular the Canadian government, introduced border restrictions and quarantine requirements for travelers. This resulted in a massive slump in demand for air travel, to such an extent that the Director General of the International Air Transportation Association, Mr. Alexandre de Juniac called 2020 the industry's worst financial year, bar none, and spoke of a devastating and unrelenting crisis. Airlines' overall sales for the year will decline by 61% with
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