The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Konark Gupta - Scotiabank Global Banking and Markets, Research Division - Analyst
: So my first question is on the liquidity requirement. So you guys mentioned that you still need at least $500 million for this year in liquidity. That
has not changed over the last 3 months, I guess, even though you have suspended flights for 4.5 months almost until mid-June.
So one, I'm confirming, is that correct, that the $500 million liquidity remains still the need? And if that is the case, is it because you are expecting
any other external one-off funding or any further fixed cost reduction? So just curious why that amount has not increased.
Question: Konark Gupta - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. That's great, Denis. So basically, it means that you might need more than $500 million. But whatever the amount you have disclosed in the
press release, that is not net of any external financing you are anticipating? Like you still need the financing to support this liquidity requirement,
right?
Question: Konark Gupta - Scotiabank Global Banking and Markets, Research Division - Analyst
: Yes. Okay. And the second question on the LEEFF program. So the government discussions, as other airlines have suggested recently, it seems like
the discussions are progressing well from the government side of things for a sectoral support, and the LEEFF program has been around for quite
a long time.
Are you considering using the LEEFF program because you are not confident that the Canadian government is going to support the airline sector
through an aid or the terms may not be as favorable? Or what's driving you toward the LEEFF program here?
Question: Konark Gupta - Scotiabank Global Banking and Markets, Research Division - Analyst
: Right. No, that's great color, Jean-Marc. Just want to make sure I understand correctly. So if you tap the LEEFF program, will you be required as part
of the program to refund the travel vouchers? Or the LEEFF program does not mandate you to refund tickets?
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