Transat A.T. Inc. announced on April 29 that it has reached an agreement with the Government of Canada to borrow up to $700 million in additional liquidity through the Large Employer Emergency Financing Facility (LEEFF).
"The agreement reached with the Government of Canada provides us with an additional $700 million in liquidity, which is the amount we needed to move forward with confidence,” stated Jean-Marc Eustache, President and Chief Executive Officer. “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 Quebec and elsewhere."
Eustache added that the funds obtained will also enable Transat to reimburse its customers whose travel had to be cancelled due to the pandemic under conditions that are sustainable for the company.
The new fully repayable credit facilities made available by the Canada Enterprise Emergency Funding Corporation under the Large Employer Emergency Financing Facility, which Transat said it would use only on an as-needed basis, were included in the press release. Details cane be seen HERE
— Transat A.T. Inc.