Winnipeg Free Press By: The Canadian Press
Last Modified: 2:54 PM CDT Thursday, Apr. 29, 2021 Save to Read Later
MONTREAL - Travel company Transat AT Inc. says it has reached a deal with Ottawa to borrow up to $700 million, nearly half of which will go toward refunding travellers for cancelled flights.
Air Transat self service check-in kiosks are seen at Montreal-Trudeau International Airport in Montreal, on Friday, July 31, 2020. Travel company Transat AT Inc. says it has reached a deal with Ottawa to borrow up to $700 million through the Large Employer Emergency Financing Facility. THE CANADIAN PRESS/Paul Chiasson
MONTREAL - Travel company Transat AT Inc. says it has reached a deal with Ottawa to borrow up to $700 million, nearly half of which will go toward refunding travellers for cancelled flights.
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Transat A.T. Inc. has struck a deal to borrow up to $700 million from the federal government and said it would immediately start refunding customers whose travel plans were upended by COVID-19.
The fully repayable credit facilities are being made available by the Canada Enterprise Emergency Funding Corporation under the Large Employer Emergency Financing Facility, Transat said Thursday in a statement. Transat said it only plans to use the funds on an as-needed basis. If all of the available facilities are used, the average interest rate will be about six per cent.
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Transat AT reaches $700-million aid deal with federal government
by The Canadian Press
Last Updated Apr 29, 2021 at 7:28 am EDT
MONTREAL Travel company Transat AT Inc. says it has reached a deal with Ottawa to borrow up to $700 million.
The money will come through the federal government’s Large Employer Emergency Financing Facility, the same program used to help Air Canada.
Transat says $390 million will be used to help support its business, while $310 million will be used to provide reimbursements to travellers.
Transat has endured a tough year, suspending all flights following the federal government’s request in January to stop travel to Mexico and the Caribbean due to the pandemic.
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