The European Commission on Friday approved measures to support France for Corsair for a total amount of 136.9 million euros, partly paid as part of the takeover of the airline.
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The first measure is restructuring aid of 106.7 million euros and the second, of 30.2 million euros,
"aims to compensate the company"
for the damage suffered as a result of the emergency measures introduced by governments facing the coronavirus, says Brussels in its press release.
The company, already in difficulty before the epidemic, announced at the end of November a recovery plan providing for
"a global financial contribution of nearly 300 million euros"
signed
"between Corsair, the State and a consortium of investors, presenting a collective financing solution ”
.
A consortium of around fifteen West Indian investors will become a 100% shareholder.
The German groups Intro Aviation and TUI, shareholders of 53% and 27% respectively, will sell their entire stake in the capital, depending on the company whose remaining capital is held by employees.
"Unfair competition"
Corsair, the third French company after Air France and the companies of the Dubreuil group -Air Caraïbes and French Bee-, employs 1,100 people.
The vice-president of Air Caraïbes and president of French Bee, Marc Rochet, considered that state aid to Corsair posed a risk of
“unfair competition”
.
He added that he was
"in contact with the Commission"
to defend his
"interests"
.
The restructuring aid of 106.7 million euros granted to Corsair by the State consists of 21.9 million euros in tax deferrals, 4.8 million euros in tax credit , 18 million euros of subsidized loan and 62 million euros of participatory loan.
For the Commission,
"the measure will help ensure the orderly continuation of flight services, in the interests of passengers, and maintain connectivity with French overseas territories, without unduly distorting competition in the single market"
.
For the second aid, which takes the form of a tax credit of 30.2 million euros, an independent external audit firm will have to verify that its amount does not exceed that of "the damage suffered", underlines the European executive.
"Any public aid received by Corsair beyond this amount must be returned," he
adds.