Travel Company Transat AT Is Getting A $700 Million Loan From The Feds

$310 million will be used to give refunds to customers.💰

Transat AT & Air Transat Refunds Part Of New $700 Million Deal With The Feds

Managing Editor, Canada

Transat AT and Air Transat refunds could be just around the corner! That's because the travel company, which owns Air Transat, has just reached an aid deal worth $700 million with the feds.

The loan will come via the federal government's Large Employer Emergency Financing Facility, which is the same program used to give Air Canada a $5.9 billion aid package earlier this month.

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Of the $700 million on the table for Transat AT, $390 million is set to be used to support the business, while $310 million will be used to offer refunds to customers, according to CBC News.

In a tweet on April 29, Air Transat confirmed that it would be offering refunds for travel credits issued due to COVID-19, following the deal with the Government of Canada.

Sharing its own statement, the company explained, "Transat is pleased to announce that a funding agreement with the Canada Enterprise Emergency Funding Corporation (CEEFC) now allows it to offer refunds to travellers who were issued a travel credit due to COVID-19 for a trip scheduled to start on or after February 1, 2020."

Travel Company Transat AT Is Getting A $700 Million Loan From The Feds

Managing Editor

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