TRANSAT REACHES DEAL WITH FEDERAL LIBERALS TO BORROW $700-MILLION AND REIMBURSE TRAVELLERS

Apr 29, 2021

By Jane Brown

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Travel company Transat AT Inc. says it has reached a deal with the Trudeau Liberals in Ottawa to borrow up to $700-million.

The loan will come through the federal government’s Large Employer Emergency Financing Facility, the same program used to help Air Canada earlier this month.

A statement from 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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