Air Canada is one of the most important airlines in North America, but for most of the past 15 years, has struggled. Like most airlines, Air Canada has faced bankruptcy, sour mergers, and financial struggles. With reorganization, fleet renewal, and their new low cost subsidiary, Air Canada Rouge, Air Canada looks like it has turned the corner toward profitability.
Back during the global recession, Air Canada's outlook was considerably bleak. Faced with a massive $4.4 billion pension shortfall, combined with a loss inthe first quarter of 2012, Air Canada looked like it was poised for their second bankruptcy in less than a decade.