Air Transat is getting a $150 million assistance package from the Trudeau government. Transat A.T. Inc. announced today that it has reached an agreement with Canada Enterprise Emergency Funding Corporation (“CEEFC”), a federal Crown corporation, to obtain $100 million in added financing, as well as $50 million in credit. “In this final LEEFF (Large Employer Emergency Financing Facility) loan, Transat will receive up to $150 million to protect Canadian jobs and ensure operations can continue, despite the company’s ongoing capital operating challenges as a result of the pandemic,” the government said in a press released. “The amount consists of $100 Read more
aviation industry
Air Canada says it’s encouraged by “strong increases” in key passenger markets in the third quarter. In a quarterly financial statement released today (Nov. 2), Canada’s largest airline reported operating revenues of $2.103 billion, representing almost three times the operating revenues of $757 million in the third quarter of 2020. Other highlights include Operating loss of $364 million, compared to an operating loss of $785 million in the third quarter of 2020 Negative EBITDA(1) (earnings before interest, taxes, depreciation, and amortization), excluding special items, of $67 million compared to negative EBITDA (excluding special items) of $554 million in the same Read more
