So In summary, everybody is going with the "It's different this time" rationale for why AIR CANADA won't suffer like the rest of the industry.   I hope you're right.   And moreover, if you are looking to go long the stock, I would wait for the equity issue.  It will be pushed by the bankers and debt holders, and likely the prudent thing to do, considering the uncertainty.   If it is a big enough deal, retail will get a good sized allocation and will be at a decent discount.   I know management didn't allude to that on the call, but of course they won't, as that would create a buyers' strike and drill the stock (commonly called an overhang).   

I will leave you guys and gals to battle it out.   Lastly, recall that things always appear rosy until they don't .   Throw historical assumptions out the window and adjust accordingly.   Here was the beginning of the 2007 ANNUAL REPORT FOR Air Canada (share price went from $20 to $1 over the following 18 months).   AC delivered "record operating income" at the time in both 2007 and 2019.   And so it goes...

"During the past year your company accomplished a tremendous amount and 2007 was a success both from an operational and financial standpoint. Air Canada continued to be a global leader and innovator in the industry and it is primed to perform to the high expectations set for it.
Air Canada carried 33 million passengers safely to their destination in 2007 and posted an impressive full year load factor of 80.6 per cent. This was the company’s fourth consecutive annual record load factor, which is noteworthy given capacity increased 2.8 per cent over the previous year.Travellers are making Air Canada their airline of choice and it was selected the “Best Airline in North America” in a worldwide survey of 14 million airline passengers conducted by Skytrax.
Air Canada also demonstrated its earning power as a stand-alone, pure airline in 2007 with record operating income.  This was achieved despite the fact fuel prices during the year reached levels never before seen. Looking forward, its prudent management, disciplined approach to cost control and ongoing fleet renewal position the company well should high oil prices persist or other economic pressures arise."