Strike notice at Air Transat: PKP offers to act as mediator

EDITOR'S NOTE: Air Transat reached a tentative agreement with the ALPA on Tuesday (Dec. 9), averting a strike. Click here for details.

In a press release, Quebec-based media magnate Pierre Karl Péladeau (PKP), on behalf of Financière Outremont (a shareholder holding about 10 per cent of Transat), deplores the situation in which Air Transat passengers find themselves as a result of the labor dispute with the pilots.

In his view, the board of directors’ failure to settle the pilots’ working conditions in the interest of customers once again illustrates its inability to take the necessary actions to ensure the company’s long-term viability. 

“Management must resolve the renewal of the collective agreement with its pilots in order to avoid the implosion of our tour operator,” stated Péladeau, reiterating his previous criticisms, notably regarding the agreement reached between Transat and the federal government in the CEEFC file.

“It is urgent that Transat’s board be renewed,” he insists.

Péladeau has proposed to act as a mediator between the pilots and management

“In order to avoid a catastrophe, I am offering the company my services as a mediator with the pilots and management, to propose a way forward and arrive at a settlement proposal to save the company and the jobs, for the benefit of customers and shareholders,” he concluded.

PKP calls for changes

Péladeau recently called for a special meeting to change the composition of Transat A.T.’s Board of Directors and to initiate steps to restore the company’s financial and strategic position.

According to Financière Outremont, its request follows repeated attempts at confidential discussions with the Board in order to suggest measures to improve Transat’s situation.

A letter sent on November 17, 2025, is said to have outlined significant shortcomings and avenues for improvement, but the proposals were reportedly rejected by the Board.

Financière Outremont claims that several shareholders share its concerns.

The company cites Transat’s ongoing financial difficulties, including its high debt load and limited access to new capital.

It notes that Transat’s stock has fallen 57 per cent over five years, while the S&P/TSX Composite Index and several competitors have seen gains over the same period.

It also points to the financing agreement concluded with the Canada Enterprise Emergency Funding Corporation (CEEFC), signed “without shareholder approval,” it emphasizes.

Transat A.T. has confirmed that its Board of Directors has received an official request from a “dissident shareholder” calling for a special meeting to vote on proposed changes to the Board.

“The Board regularly engages with shareholders, including Financière Outremont Inc., a company owned by Pierre Karl Péladeau, and remains open to any constructive contribution that is in the interest of the company and all shareholders,” said Susan Kudzman, Chair of the Board of Directors, noting that Board members recently met with Mr. Péladeau and his team.

The Board is currently reviewing the request in accordance with the Business Corporations Act and will assess its validity and implications.

Transat said shareholders do not need to take any action at this time.

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