MONTREAL — Transat AT Inc. has secured another emergency loan from Ottawa as the tour operator struggles to shore up its balance sheet.
Transat, which lost about $213 million in the first half of the year, is scrambling to stay afloat even as passengers flood airports amid a travel resurgence following two years of pent-up demand. "This important financing milestone, combined with sales that have been doing well in recent months, will give us the financial flexibility to deploy our strategic plan with optimism and confidence."
The fresh $100-million loan comes via the Large Employer Emergency Financing Facility. Just seven companies have received LEEFF funding — four of them airlines — with Transat the only outfit to do so in the past year.
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