Air Canada is negotiating to buy Transat. The deal last fall for $18/share has been nixed and replaced by $5/share, but the deal is not yet complete
In Canada, airlines have been giving vouchers not refunds. Only recently has WestJet said yes to refunds. Air Canada continues to say not to refunds, just vouchers
Hard to imagine AC will buy Transat @ $5/share if Transat gives refunds and AC continues to not give refunds
Also Cdn airlines have been asking for more government help, but given lots of people are upset over no refunds, a political move to further help airlines who are keeping customer money will not be a popular move for the government.

J&B