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Air Austral needs new owners to survive

2022-05-13T18:25:32.713Z

DECRYPTION - Reunionese entrepreneurs offer to buy the local company on condition that its debt is cancelled.



The countdown has begun.

It remains until the end of June to save Air Austral.

The Reunion company, closely followed by the Ciri (Interministerial Committee for Industrial Restructuring) is crumbling under more than 200 million euros in debt.

It has just completed its third loss-making year with another few tens of millions of losses in 2021-2022.

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Possible merger between Air Austral and Corsair

It was the European Commission which set the deadline of the end of June: in January, it accepted that the State pay yet another subsidy of 20 million to Air Austral on condition that this carrier presents a restructuring plan guaranteeing its sustainability.

Because this Indian Ocean company, which serves the mainland but also regional destinations (South Africa, Mayotte, etc.), needs new money.

A privileged rapprochement with Corsair

Two opposing plans are envisaged to refloat Air Austral.

First assembly: a consortium led by an investment fund would buy both Air Austral and Corsair, which is not in great shape either…

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Source: lefigaro

All business articles on 2022-05-13

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