Smartwings exits creditor protection after securing loan

Smartwings has signed a Kc2b ($90m) loan agreement with a syndicate of banks under the the Czech Government’s Covid Plus support programme helping it to come out of a moratorium with creditors it has been in since the pandemic hit. The Kc2b loan with four banks is secured by the state-owned Export Guarantee and Insurance Company (EGAP), under the Covid Plus programme. The Czech airline notes that the Kc2b loan adds to around Kc5b from restructuring measures, including support from aircraft lessors. As that is more than then the dues payable, it says this creates ”a sufficient financial reserve” for a full restoration of air traffic and enables it to end the creditor moratorium<br/>