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Transat AT bags multi-million dollar federal bailout
Tour operator and airline group Transat AT Inc sealed a $700 million bailout from the Canadian federal government, and says it will now start processing refunds for cancelled flights.
It said $310 million will be used to provide refunds to travellers. Many travellers have been waiting for airline refunds for more than a year. The remaining money from Canada’s Large Employer Emergency Financing Facility will go toward supporting the business.
Air Canada’s planned cut-price takeover of struggling Transat was scrapped recently after EU regulators blocked the deal.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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