Transat Rises as Canada Grants $570 Million in Crisis Loans
- Deal buys time for tour operator Air Canada gave up on
- Still no firm offer from Peladeau despite his stated interest
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Transat AT Inc., the Montreal-based vacation operator that Air Canada gave up trying to buy earlier this month, obtained C$700 million ($570 million) in emergency aid from the Canadian government to stay afloat during the pandemic.
The company took loan facilities of C$390 million for operations and another C$310 million to finance customer refunds for flights canceled during the pandemic. Transat will also issue 13 million warrants to the government to buy shares at C$4.50 each.