Tuesday,  January 19, 2021  4:25 am

Corsair signs a €300M agreement to secure its future

  • Air
  •   11-27-2020  10:56 am
  •   Pax Global Media

Corsair signs a €300M agreement to secure its future
Pax Global Media

An agreement was signed between Corsair, the French State and a consortium of investors, presenting a collective financing solution allowing Corsair to overcome the crisis and ensure the sustainability of its activity.

This agreement provides for a global financial contribution of nearly 300 million euros. 

In the context of the unprecedented crisis facing the air transport sector, it should allow Corsair to restructure and develop by implementing an ambitious strategic project, in line with its positioning as a major player in overseas services.

The French State thus confirms its desire to support French air transport, to preserve employment in a sector particularly affected by the crisis and to maintain a sufficient number of players on overseas services.

TUI fully sells its stake

As part of this transaction, Intro Aviation and the TUI group will sell their entire stake in the capital of Corsair.

The consortium of investors, which becomes a 100% shareholder, will play a decisive role in the success of Corsair

On the initiative of two entrepreneurs, Éric Kourry and Patrick Vial- Collet , a consortium was quickly formed, bringing together entrepreneurs, particularly from the tourism and hotel sectors, based in the West Indies, Reunion Island and Guyana, as well as as local authorities.

The consortium acquires the entire capital of Corsair in order to support it in a restructuring and development project, and thus allow the maintenance of a sufficient number of players on the services of the French overseas departments and territories.

Corsair now has the means to get through the crisis and continue to implement its strategic plan to become THE overseas company, it is argued.

In order to develop its position as an overseas company, Corsair will concentrate on services to Domiens. In addition to strengthening current services (Martinique, Guadeloupe, Reunion, Mauritius, Abidjan and Montreal ), an expansion of the network is planned with the opening of new destinations including Mayotte from December 11, 2020.

In addition, the fleet renewal and modernization project already under way is confirmed, with 5 A330-900 NEOs on firm orders. Thus, 3 NEOs will join the fleet in April, May and June 2021. The 4th NEO should be delivered in December 2021. Corsair will therefore operate a fleet of 9 planes from December 2021. In June 22, the 5th NEO will replace the last A330-200 still present in the fleet which will then be considerably younger with an average age of 5 years.