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
bailout
The Omicron variant delayed a potentially solid first quarter recovery for Air Transat, and the airline says it’s discussing an additional aid package with the Justin Trudeau government in Ottawa. Transat A.T. Inc. today announced revenues of $202.4 million but an operating loss of $73. 8 million for the quarter ended January 31, 2022. “While we were in the midst of a strong recovery, with November and December results matching our targets, the emergence of the Omicron variant brought our sales to a temporary halt between mid-December and early February,” said Annick Guérard, President and Chief Executive Officer of Transat. Read more
