Business
Transat secures $700 million in funding from the Government of Canada
Transat secures $700 million in funding from the Government of Canada Canada Ne...
About this update from Transat A.t. Inc.
[{"type":"text","content":"\n \n \n \n Transat secures $700 million in funding from the Government of Canada\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n Refund process of trips cancelled due to the pandemic to begin immediately\n \n \n MONTRÉAL,\n \n April 29, 2021\n \n /CNW Telbec/ -  Transat A.T. Inc. (\"\n \n Transat\n \n \" or the \"\n \n Corporation\n \n \") announced today that it has reached an agreement with the Government of\n \n Canada\n \n to borrow up to\n \n $700 million\n \n in additional liquidity through the Large Employer Emergency Financing Facility (LEEFF).\n \n \n \"The agreement reached with the Government of\n \n Canada\n \n provides us with an additional\n \n $700 million\n \n in liquidity, which is the amount we needed to move forward with confidence. Our strong balance sheet prior to the pandemic and the aggressive actions we have taken since have enabled us to weather this unprecedented crisis so far. With this support, we now look forward to resuming operations as soon as safe travel is possible and travel restrictions can be lifted. We will then be able to implement our plan to make Transat a solid and profitable company once again, one that will continue to symbolize leisure travel for its many customers in\n \n Quebec\n \n and elsewhere,\" declared\n \n Jean-Marc Eustache\n \n , President and Chief Executive Officer.\n \n \n \"The funds obtained will also enable us to reimburse our customers whose travel had to be cancelled due to the pandemic under conditions that are sustainable for the company, which we welcome.\"\n \n \n The new fully repayable credit facilities made available by the Canada Enterprise Emergency Funding Corporation under the Large Employer Emergency Financing Facility, which Transat would use only on an as-needed basis, are as follows:\n \n \n \n An amount of\n \n $390 million\n \n , representing the liquidity needed to support Transat until its business has recovered to a level where it can generate cash once again, broken down as follows:\n \n \n \n An amount...