Ottawa grants C $ 270.5 million lifeline to Porter Airlines
02.07.2021 – 12:54 UTC
Cash-strapped Porter Airlines (PD, Toronto City Center) may resume operations later this summer after securing a C $ 270.5 million (US $ 218.4 million) loan from the Canadian Finance Corporation Emergency for Businesses (CEEFC), says President and CEO Michael Deluce.
âPorter is using this money primarily as a capital reserve during the period of pandemic recovery,â Deluce said in a statement. “We intend to tap into these funds as needed to support the recovery of operations during an uncertain period of travel demand. Our immediate goal is to be ready to fly as soon as public health conditions permit. and governments will change travel restrictions. We’re looking forward to getting back on the plane this summer and welcoming passengers back onto our planes. “
As a condition of the loan, Porter agreed to reimburse flight cancellations related to the pandemic to eligible customers. A separate loan of CAD 20 million (USD 16.1 million), repayable over seven years, will be provided to Porter for this purpose, CEEFC said in a separate statement.
The funds are made available through the Ottawa program …
Ottawa grants Sunwing C $ 100 million loan for COVID repayments
29.06.2021 – 04:12 UTC
The Canadian federal government will loan C $ 100 million (US $ 81.2 million) to parent company Sunwing Airlines (WG, Toronto Pearson) Sunwing Travel Group to reimburse COVID-19 customers.
The Canada Business Emergency Finance Corporation (CEEFC) and Sunwing Travel Group, in separate statements, announced on June 25 that they had reached an agreement whereby CEEFC would provide a repayable loan in the Large Employer Emergency Funding Mechanism (LEEFF) to allow Sunwing to issue refunds to eligible customers.
This repayable loan was separate from an existing LEEFF loan, agreed in February 2021. CEEFC is making CAD 348 million ($ 282.5 million) in cash available to Sunwing Vacations Inc. and low cost carrier Sunwing Airlines to protect jobs in the airline industry in Canada.
Under the latest agreement, Sunwing would expand its refund policy to offer refunds to eligible customers who have received travel credit due to cancellations resulting from the COVID-19 pandemic. This would apply to qualifying flights, hotels and vacation packages booked on or before June 25, 2021, for travel scheduled from February 1, 2020 ….
British Airways reviews Gatwick operations – report
23.06.2021 – 01:05 UTC
British Airways (BA, London Heathrow) said it would continue to operate most of its short-haul flights from London Heathrow until October, while operating some of its long-haul flights from London Gatwick to a time when the demand for travel has not yet returned. , and restrictions on international travel remain in place.
In an emailed statement to ch-aviation, the airline was responding to a report from Britain’s The Telegraph that it revived plans to ditch Gatwick, Britain’s second-largest airport, in favor of focusing on its operations at Heathrow. The review reportedly followed instructions from IAG International Airlines Group, BA’s parent company FTSE 100, fearing BA could lose its lucrative take-off and landing slots at Heathrow if not used, reported the newspaper.
âUntil the end of October, most of our short-haul flights will continue to operate from Heathrow. This allows us to ensure a smooth, uninterrupted and efficient operation across our business at a time when demand is not yet returning and international travel restrictions remain in place. We’re still stealing some of …
Canadian Air Transat ends negotiations on the acquisition of PÃ©ladeau
22.06.2021 – 22:25 UTC
Tour operator Transat AT and Canadian media mogul Pierre Karl PÃ©ladeau have dropped discussions on the potential acquisition of Air Transat (TS, Montreal Trudeau).
In April 2020, PÃ©ladeau filed a non-binding offer by which its investment company Gestion MTRHP would have acquired all of the shares of Air Transat for 5 Canadian dollars (4 USD) per share, payable in cash.
âGiven the current share price, the offered price is no longer a reasonable basis to consider receiving the level of shareholder approval required to complete the transaction. Consequently, MTRHP confirmed to the Company that it was withdrawing from the discussions, âconfirmed Transat AT in a press release. Air Transat’s share price has recovered since the beginning of June to exceed CAD 7 (USD 5.6) per share.
In light of this, the work of a special committee to examine strategic alternatives would cease, the tour operator said. Air Transat would now focus its efforts on implementing its strategic plan and the next restart of its operations and flights on July 30.
As envisioned in his …