Flair Airlines secures $76M bailout from Ottawa as fuel costs soar
The federal government has approved $76 million in emergency aid for Flair Airlines as the high price of jet fuel continues to bleed money from carriers.
The Canadian government has approved a $76 million emergency bailout for Flair Airlines due to soaring fuel costs, according to wire material. Flair's CEO, Len Corrado, stated in an interview that the financial assistance demonstrates the government's acknowledgment of the industry's challenges and their commitment to maintaining competitiveness.
The Canada Enterprise Emergency Funding Corp. has approved loans to counteract the rise in fuel expenses and make airfares more affordable. The Crown corporation requires the loan to be repaid within four years, with interest rates below market standards. Since the Iran war began in late February, Transat A.T. Inc., the parent company of Air Transat, has secured $430 million in financial aid.
This surge in energy prices has caused jet fuel costs to nearly double compared to a year ago. Porter Airlines recently received a $125-million bailout loan, as reported by the government.
Written by urgent.news from CityNews's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
