European Commission approves Corsair state aid package

European Commission approved (11-Dec-2020) French state aid measures for Corsair. The support consists of two measures, including EUR106.7 million of restructuring aid for the company and a budget of EUR30.2 million to compensate the company for damage suffered due to emergency measures put in place by governments in the context of the coronavirus outbreak. Restructuring aid is composed of EUR21.9 million of tax deferrals, EUR4.8 million of tax credit, a EUR18 million soft loan and a EUR62 million participating loan. The restructuring aid is accompanied by a restructuring plan aimed at restoring the viability of Corsair by 2023. The plan provides for reduction of staff costs, concentration of Corsair's activities on its core profitable routes to French overseas regions, fleet optimisation and abandonment of loss making routes. [more - original PR]