Greece throws Aegean Airlines coronavirus lifeline
- He noted that the move had already been approved by the European Commission.
ATHENS: The Greek government said Thursday it would throw the country's main carrier Aegean Airlines a lifeline of up to 120 million euros ($146 million) in return for a stake in the company.
Aegean Airlines "will receive state financial support... up to the loss it sustained as a direct result of the Covid-19 pandemic," government spokesman Christos Tarantilis said after a cabinet meeting.
In return, the carrier will give the Greek state stock warrants worth 11.5 percent of its shares after a capital increase of at least 60 million euros, for a period of two to five years, Tarantilis said.
He noted that the move had already been approved by the European Commission.
In November, Aegean Airlines said it had sustained a net loss of over 187 million euros during the first nine months of 2020 as Greece's vital tourism industry was severely impacted by global travel restrictions.
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