Air Canada did not have its assets sold in liquidation. It was actually re-organized and refinanced.
However, even then, the shareholders lost most of their investment as the stock became virtually worthless. Just before it filed for protection the stock was trading at $2.10. Once it emerged under re-organization with the new parent company ACE Aviation Holdings the legacy equity was at fractions of a penny per share...as new equity was issued to ACE wiping out the legacy shareholders.
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