France: a takeover plan to save the airline Corsair

A plane of the French airline Corsair, in Orly, on August 8, 2002. AFP / Jean-Pierre Muller

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2 min

An agreement has just been signed to allow Corsair, which employs 1,100 people, to set up a vast restructuring plan by the end of the year.

Overseas specialist, the third French airline had been hit like the rest of the aviation sector by the coronavirus crisis.

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The agreement signed between Corsair, the State and a consortium of investors provides for a takeover plan in the amount of 300 million euros.

The government has indicated that it will provide loans to the company.

, state aid would go up to 141 million euros and would include direct loan, participatory loan or exemptions from charges.

As part of the transaction, the German groups Intro Aviation and TUI are expected to sell their entire stake in the company's capital.

The consortium of fifteen investors would become the sole shareholder.

State support

In this group, we find entrepreneurs, particularly in tourism and hotels, based in the West Indies, Reunion Island and Guyana, as well as local authorities.

Corsair CEO Pascal Izaguirre welcomed state support.

These 300 million euros will help strengthen the company's equity and cash flow.

" 

 " he said in a statement.

The French government has already launched a 15 billion euros recovery plan for the aeronautics sector, including seven billion granted to Air France.

► To read also: Air transport: according to IATA, the turnover of the sector is down by 60%

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