Czech airline Smartwings secures lifeline loan

Transport

The Czech airline company Smartwings has obtained a loan of over EUR 72 million (CZK 2 billion) to help it overcome the revenue crisis stemming from the coronavirus pandemic, reported the Czech Radio.

Smartwings laid off about 500 employees last year and its subsidiary Czech Airlines (ČSA) declared bankruptcy several weeks ago.

According to Zdopravy.cz, cited by the Czech Radio, 80% of the loan is guaranteed by the Czech state. Most of the loan was provided by UniCredit Bank, followed by Komerční banka, ČSOB and Česká spořitelna.

Part will be guaranteed by the Export Insurance and Guarantee Company (EGAP).

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