Moderator, Air Canada; FlyerTalk Evangelist
Join Date: Feb 2015
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At this time, AV is attempting to restructure itself and continue operations post-bankruptcy, so your flights for later this year should still be intact.
If AV exits *A as a result of the insolvency, or goes in to liquidation, then your flights are definitely at risk.
Either way, Aeroplan should treat this like a regular schedule change and try to re-route you. If there's X or I space available on a similar routing, you're golden. The challenge is if you had flights booked on a route where there's no obvious *A alternative, e.g. BOG-UIO, LIM-CUZ. In that case, if you're fortunate, Aeroplan may buy a revenue ticket on another airline for you. Or they may just tell you you're on your own for those legs.
I wouldn't worry too much about it for now, because there's so much uncertainty as to what travel restrictions and schedules will be like that far out.