Federal government approves $76 million bailout for Flair Airlines amid fuel crisis
The Canada Enterprise Emergency Funding Corp. approved $76 million in emergency aid for Flair Airlines to offset soaring jet fuel costs and keep airfares competitive.
The day's top stories, food & events — every morning at 7. Unsubscribe anytime.
The federal government approved $76 million in emergency aid for Flair Airlines as high jet fuel prices continue to strain Canadian carriers. The loan comes through the Canada Enterprise Emergency Funding Corp., which approves bailout loans designed to offset soaring fuel costs and make airfares more affordable.
The loan must be repaid within four years at interest rates below market. Flair CEO Len Corrado said the airline recognizes "the severity of the problem" and wants to keep the industry competitive.
Jet fuel prices are roughly double the levels from a year ago, a surge triggered by the Iran war that began in late February. The crisis has forced multiple Canadian carriers to seek emergency support. Air Transat's parent company, Transat A.T. Inc., secured $430 million in financial aid since the conflict began. Porter Airlines recently received a $125 million bailout loan from the government.
When will Flair receive the funds, and how will the repayment timeline affect the airline's operations?
What is the total amount of federal emergency bailout loans provided to all Canadian airlines since the Iran war began in February?
We'll update this story as answers emerge.
By the numbers
How much emergency funding did Flair Airlines receive?
$76 million in emergency aid was approved for Flair Airlines through the Canada Enterprise Emergency Funding Corp. to help offset soaring jet fuel costs.
How have jet fuel prices changed over the past year?
Jet fuel prices are roughly double the levels from a year ago, a surge triggered by the Iran war that began in late February.
