The Finnish government is currently preparing a EUR 400 million loan for Oneworld member Finnair. This should take hold of the carrier, which is ailing due to the corona crisis.
Finnair’s cash reserves had shrunk to 725 million euros by the third quarter of 2020. “Finnair is preparing for the year 2021 with a number of scenarios for the rebuilding of our network. This facility will help ensure that we can survive the pandemic period, regardless of which scenario is realized. We entered the Covid-19 pandemic with a strong balance sheet and cash position. Now we want to make sure that we survive this extraordinary time and continue to implement our strategy of connecting Asia and Europe and further developing Finnair as a modern premium airline. The hybrid loan would be an important facet in ensuring our financial stability if the air traffic recovery is slower than expected. We made several financing agreements in 2020 to strengthen our finances and enable a cost-efficient cost structure, and we plan to continue these measures, ”explains CEO Topi Manner.
