French government approves support for Corsair, allowing its take-over by consortium of West Indies

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The French State yesterday signed an agreement with the airline Corsair and a consortium of investors from the West Indies to enable it to handle its financial difficulties and to carry out a turnaround and transformation plan.

The State is supporting this recovery by granting loans to the company to enable it to implement its restructuring plan. This financial assistance falls within the framework of European Union legislation and remains subject to the approval of the European Commission, which is regularly informed of this project.

The Government welcomes this announcement of the rescue of the company in the context of the deep crisis of the French air transport. This takeover will guarantee the future of the company, the sustainability of its more than 1,000 jobs and competition in the market serving overseas territories for the benefit of French and overseas consumers.

This recovery was made possible thanks to the intervention of the services of the Ministry of Economy, Finance and Recovery, the Ministry of Transport and the Ministry of Overseas Territories, which have supported the company for several months in its discussions with investors, shareholders and all of its partners to find a solution that will guarantee its future and sustainability.

The Government will be attentive to respecting the commitments of all stakeholders and to the implementation of the company’s ambitious transformation plan designed so that the company can return to a high level of profitability. In this regard, it immediately welcomes the efforts made by the company’s employees to facilitate the recovery through performance and cost reduction agreements.

Paris, November 26, 2020

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