Corsair secures state aid as Intro and TUI sell stakes

The EC has approved E136.9m in state aid for French leisure carrier Corsair, paving the way for the struggling airline’s sale. The support is split between E106.7m of restructuring aid and E30.2m in government compensation for the impact of coronavirus. The majority of the former will be delivered via loans, although around E27m comes from tax deferrals and credits. The aid is part of a E300m restructuring of the airline announced in late November, under which shareholders Intro Aviation and TUI Group will sell their interests to a consortium led by Eric Kourry and Patrick Vial-Collet. The consortium – which features other stakeholders from the tourism and hotel sectors in the French overseas territories – will take a 100% stake in the carrier once local court approval for the restructuring is received. Corsair expects that milestone to be reached by the end of this year. Kourry would bring airline industry experience to Corsair as the chairman of Guyane Aero Invest, which is the holding company of Guadeloupe-based Air Antilles and French Guiana-based Air Guyane, while Vial-collet is a hotelier and president of the Chamber of Commerce of Guadeloupe.<br/>