The airline Corsair escapes at the last minute before Christmas

Finally Corsair will spend the winter

The airline Corsair escapes at the last minute before Christmas

Finally Corsair will spend the winter. The airline had been looking for new money for several months to carry out its recapitalization. Now, “it’s complete!” », welcomed Pascal de Izaguirre, CEO of the company, on Monday December 18. “Yes, it’s clear, clear and precise, we have managed to find the financing that will allow Corsair to continue its activity. » According to our information, the operation, which would be closely monitored by the Elysée, will be deployed in two stages.

First, to replenish its equity, the company had to find 30 million euros, as it had already done in 2020. At the time, Corsair had collected this sum from West Indian investors such as the Loret group, since 10% shareholder of Corsair. At the end of 2023, local funding would have become more cautious. They would only represent 15 million euros. The other half of the funds would come, according to a source close to the matter, from an African investor. The Republic of Congo could thus pay 15 million euros to hold half of the capital. “No comment,” replied Mr. de Izaguirre, who however did not wish to issue a denial.

Now that this essential contribution of 30 million euros has been made, it is the State which is requested. The airline's management would like its tax and social debt to be erased. In total, it would ask the public authorities to waive 147 million euros. “In return for the injection of “new money”, the State would be ready to consider some efforts in terms of debt restructuring,” says the CEO of the company. According to him, it would even be a “fairly classic” operation from which “Air France or even Air Austral” have already benefited in their time.

Once again, it is the interministerial committee for industrial restructuring which is in charge on the Corsair file. The public body responsible for helping “companies in difficulty” is less assertive than the company and indicates that “discussions continue”. Saving the airline is a long-term operation.

Fragile sector

Several scenarios have been studied in the past. First there was the desire to recreate a second tricolor flag alongside Air France. An “Overseas Air” which could have brought together the companies serving the Antilles, Reunion and Guyana, that is to say Air Caraibes, French Bee, Corsair and Air Austral. A wish of the public authorities which did not resist the opposition of certain actors in this nevertheless fragile sector. “It’s no longer relevant,” acknowledged Corsair’s CEO.