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.
