RE:Doesn’t look good I have to agree with what you said.
The only thing I will add, is that historically, Transat has done best in times of adversity, see 9/11, market crash of 2008 and a few others.
They just may survive and thrive again if on their own. They do vacations. People will still take vacations, no matter what. But the business traveller will probably stick to video conference for a long time. Business travel is the lifeblood of AC, and also WJ. Transat may come out ahead without the AC deal.
Good luck everyone.