Once again, Corsair saves its head. The airline, specialized in international routes, has completed a new recapitalization, indicates Le Monde.
Specifically, 30 million euros of new money was raised from Antillean investors (around 15 million euros) and a mysterious African investor. According to Le Monde, the Republic of Congo could pay 15 million euros to own half of the capital.
The State still asked for help
However, Corsair hasn’t completely gotten out of its rut. The company would have thus asked the State, through the inter-ministerial committee for industrial restructuring, to erase or at least restructure 147 million euros of tax and social debts with the argument of the new round table of 30 million that has just concluded. Discussions are said to be ongoing.
This is not the first time that Corsair has been on the brink of collapse. In 2020, while the covid pandemic brought the company to its knees, the State, buyers and shareholders paid 297 million euros to reinforce liquidity and own funds.
Precisely, the State contributed 141 million euros in direct loans, the contribution of the TUI group, a former shareholder, was 126 million and the buyers contributed 30 million in cash.
Another central question: what economic model for Corsair? During this penultimate recapitalization, the idea was to focus solely on overseas territories. “Our ambition is to now become the Overseas company,” said Pascal de Izaguirre on our antenna.
What positioning?
“It will be simpler for brand positioning, simpler for commercial action. I think it is totally consistent with our new shareholder base, mainly from the West Indies but also from Guyana or Réunion,” he explained.
Three years later, it appears that this choice is being questioned. “This is no longer relevant,” confirms the general director.
It must be said that the other French overseas companies have also had it, since they were put into forced liquidation last August. Air Antilles was acquired by Cipim (holding company of the Edáis group) allied to the community of Saint-Martin, while Air Guyane was liquidated.
As for Air France acquiring a majority stake in Corsair, once mentioned, it is no longer on the agenda.
Meanwhile, the company says it is ready to take off again, in particular thanks to the renewal of its fleet: it has already taken delivery of five new A350neos and expects four more next year.
Source: BFM TV
