OTTAWA—After months of negotiations, Ottawa has reached a multibillion-dollar rescue deal with Air Canada that will give the government an equity stake in the pandemic-battered airline. Under the agreement, Air Canada can access up to $5.9 billion from the public purse but must refund passengers whose flights were cancelled due to COVID−19, cap executive compensation at $1 million and restore service to regional airports. The package, which will see the federal government pay $500 million for a six-percent stake in the country’s biggest airline, also requires the carrier to maintain employment at current levels or higher. “Taxpayers aren’t footing the bill. This is a loan facility, and the government of Canada fully expects to be paid back,” Finance Minister Chrystia Freeland said Monday night, referring to the $5.4-billion credit facility. Some $1.4 billion of that is earmarked to help reimburse the thousands of customers who paid for tickets but remained …