EU clears 120 million euros to support Greece’s Aegean Airlines

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EU regulators approved on Wednesday a state grant of 120 million euros ($146.48 million) for Greece’s national carrier Aegean Airlines to help the airline with damage suffered during the coronavirus crisis.

The support consists of a direct grant of 120 million euros, an amount that does not exceed the estimated damage directly caused to the airline between March 23 and June 30, the EU Commission said.

“This measure will enable Greece to compensate Aegean Airlines for the damage directly suffered due to the travel restrictions necessary to limit the spread of the coronavirus,” the European Union’s antitrust chief, Margrethe Vestager said in a statement.

Source: Aegean Airlines

The Greek state contribution is part of a wider investment plan, detailed a month ago, which is conditional on Aegean successfully effecting a private investor share capital increase of €60 million.

Aegean adds: ”Following today’s approval by the European Commission, the company plans to undertake all necessary corporate actions and submissions to the Capital Market Commission in the upcoming period, with the aim being to complete all necessary procedures within the first three to four months of 2021.”

Sourced By: Aegean Airlines

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