27-Nov-2020 12:01 AM

French state signs rescue deal for Corsair

France's Ministry for the Economy concluded (26-Nov-2020) a takeover agreement with Corsair and a consortium of Caribbean investors to enable the carrier to address its financial difficulties and complete its transformation plan in the context of COVID-19. The agreement comprises a "close to EUR300 million financial contribution" for the carrier, including EUR141 million from the French government and EUR126 million from TUI Group in the form of a debt waiver and the provision of one A330-300 for Corsair's fleet (La Tribune, 26-Nov-2020). EUR30 million is also expected to stem from Caribbean investors, whose shareholding in the carrier will increase to 100% under the deal. "As part of this transaction, Intro Aviation and TUI Group will sell their entire stake in the capital of Corsair", the airline stated. [more - original PR - French] [more - original PR - Corsair - French]

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