The European Commission (EC) has approved €167.8 million ($197 million) in French restructuring aid to long-haul leisure carrier Corsair under EU state aid rules. The aid includes an €80 million write-off on loans that were approved by the EC in December 2020 and €87.8 million of additional support. Corsair, based in Paris, benefits from this approval as part of its ongoing restructuring efforts to enhance financial stability and operational efficiency.
Helen Massy-Beresford, a journalist based in Paris who covers European airlines and air transport policies, reported that the EC's decision aims to support Corsair's strategic restructuring plan amidst challenging market conditions. The aid package will help Corsair manage its debt obligations and strengthen its market position within the EU.
Support for Market Recovery
According to officials, the European Commission considers this aid compatible with EU rules as it promotes restructuring without giving undue competitive advantages. Corsair has expressed commitment to improving its fleet and service quality, aligning with broader EU goals of sustainable and competitive air transport.
The approval is expected to facilitate Corsair's recovery and enable the airline to continue servicing long-haul leisure routes, contributing to the economic recovery in the European aviation sector.
