Transat just announced that it has reached an agreement with the Government of Canada that will give it 700 million additional cash. The Montreal tour operator will now be able to compensate its clients whose flight has been canceled due to the pandemic.
Transat will be able to borrow up to a maximum of $ 700 million additional cash through the Large Employers Contingency Credit (CUGE).
According to President and CEO, Jean-Marc Eustache, this is the amount the company needs to compensate customers under sustainable conditions and think calmly about the future.
“Our strong record before the pandemic and the robust measures we have taken since then enabled us to overcome this hitherto unprecedented crisis. With this support, we are now looking to resume operations as soon as possible to travel safely and travel restrictions can be lifted.”
As part of implementing these credit facilities, Transat has made some commitments. In particular, it should maintain the same level of employment as observed on April 28, 2021, and comply with restrictions on remuneration for senior executives and compensation for travelers who were scheduled to leave with effect from April 1.he is February 2020, for whom a travel credit has been issued due to COVID-19.
To be eligible, clients must declare that they want compensation. Refunds start immediately.
Montreal Tourism will hold its annual shareholder meeting on Thursday.