After more than a year of stopping its flights to New York, the French company obtained the financial means to resume in June.
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After a first loan guaranteed by the State (PGE) of 10 million euros obtained in June 2020 with a view to a resumption of transatlantic flights in the third quarter of 2020, La Compagnie needed new liquidity to cope with the extension of the closure of international borders.
The airline has just been granted an additional PGE of an amount similar to the first, to which is added a significant new contribution from the shareholders, who thus reaffirm their support and their commitment to the company.
On March 13, 2020, US President Donald Trump banned access to US territory for 30 days to any non-binational person coming from Europe. This rule, still in force more than a year later, forced La Compagnie to suspend all of its scheduled flights to New York until further notice.
To survive, the 100% business company has also relied on compensation efforts made by its employees and on the temporary diversification of its activity, with “charter” flights all over the world in operation since mid-2020.
The Company wants to take off again in June
Its new funding allows it to prepare for the resumption of its regular activity following the announcement of the expected reopening of international borders in the coming weeks and of vaccination in Europe and the United States.
“Obtaining this second loan guaranteed by the State is a guarantee of recovery for La Compagnie. We have never stopped reinventing ourselves during this year to face the crisis and find new levers of activity or even short-term development in order to guarantee the longevity of La Compagnie. We are now on the home stretch of recovery preparation and look forward to providing our customers with the best in business class ” declares Christian Vernet, president of the transporter.
The Company plans to return to regular activity in June 2021 between Paris and New York and early July 2021 between Nice and New York. But its flight schedule remains subject to confirmation of upcoming government announcements regarding the reopening of international borders.
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