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6-Dec-2024 3:55 AM

Corsair expecting EC response on restructuring plan by end of 2024

Corsair reported (05-Dec-2024) its "financial restructuring will be accompanied by a solid shareholder round table, largely composed of private entrepreneurs renowned for their business acumen and dynamism". The carrier added it is "confidently" awaiting the European Commission's (EC) response regarding the adjustment of its restructuring plan, scheduled for the end 2024. As previously reported by CAPA, in Feb-2024 the EC opened an in depth investigation to determine whether France's contemplated amendments to Corsair's restructuring plan are in line with EU state aid rules. [more - original PR - French]

Background ✨

Corsair's restructuring plan was amended by France in Sep-2023 to adapt to a changing business environment, prompting an in-depth European Commission investigation to ensure compliance with EU state aid rules1. The plan initially approved in Dec-2020 included EUR106.7 million in restructuring aid and EUR30.2 million in compensatory aid1. Recently, Abbas Jaber of Advens-Geocoton became a direct shareholder in Corsair, reflecting confidence in its business strategy2.

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