Also of note in the news release:
"The parties have requested a prompt response from Aimia regarding the proposal, which has an expiry date of August 2, 2018. The Proposed Transaction is subject to the satisfactory conclusion of transaction documents and certain other customary conditions, including due diligence, receipt of customary regulatory approvals and the negotiation and satisfactory completion of credit card agreements between Air Canada and each of TD and CIBC."
Given Visa's involvement too, I wouldn't be surprised if this idea was floated as part of the RFP response for AC's new credit card partner(s).