TAROM will receive a restructuring aid of 60 million EURO. Blue Air will receive 63 million EURO with a condition imposed by the authorities. See the details in the article!
There is an effervescence in the Romanian aviation industry. TAROM and Blue Air, the largest Romanian airlines, are not going through too "healthy" periods from a financial point of view.
In the case of the national operator Tarom, the Minister of Transport explained that in February the state granted a rescue aid amounting to 37 million euros. In April, the Government signed a Memorandum of State aid for both Blue Air and Tarom, and in April, the Government pre-notified the European Commission of this state aid. Also, the Romanian state, through EximBank, granted Blue Air a loan worth 30 million lei, which it is going to repay.
In April I wrote that TAROM and Blue Air are saved. The government approved the granting of the rescue loan. It's just that this state aid is long overdue. The other day, government representatives met with representatives of the two airlines. And we report the result below, thanks to one interview taken by Vitalie Cojocari - PRO TV.
Blue Air will receive 63 million EURO / State mortgages a majority stake in Blue Air shares
According to Bode, Blue Air will receive a loan with state guarantees of 63 million euros, on account of which the state will put a mortgage on a majority percentage of the company's shares, respectively on a property belonging to the company, worth about 40 million.
"We want to help the company, save Blue Air, guarantee for this loan and do everything in our power so that this loan can be repaid in a number of years by the company. If this does not happen, the state will definitely become the owner of the shares of Blue Air. I could not say now what percentage we are talking about, until we conclude that agreement with the company. We are definitely talking about a majority package. But the Government's goal is not to become a shareholder in various companies, but to help this company get through this difficult period. Of course, mandatory - because we are talking about state money, the guarantee must be provided, whether we are talking about 100 euros or we are talking about 60 million euros ", the minister explained.
TAROM will receive 60 million EURO as restructuring aid
According to the minister, the 37 million euro rescue aid granted to Tarom will turn into restructuring aid. "In this sense, another 60 million euros are needed to pass this difficult period. We will notify the European Commission, submit a restructuring plan, obtain the Commission's approval and access a credit with state guarantees ", the minister explained.
In order for the two airlines to receive state aid, all the plans presented, both for Tarom and Blue Air, must be approved by the European Commission.
And with these aids, TAROM and Blue Air companies can be saved and will be able to pay their debts to creditors, but also to passengers affected by canceled flights.