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AEGEAN to Restart Flights From Thessaloniki; Seeks Loan Guarantee for €150 Million

AEGEAN announced on Wednesday that they will be restarting direct flights from Thessaloniki to six international destinations from June 15, 2020. The carrier has also applied for guaranteed loans totaling €150 million from four Greek banks.

AEGEAN Airbus A320ceo - Courtesy AEGEAN

AEGEAN announced yesterday (May 27, 2020) that they will restart direct service from Thessaloniki to six international destinations starting June 15, 2020. The carrier will initially offer flights to Munich, Frankfurt, Dusseldorf, Stuttgart and Larnaca from its Thessaloniki hub. AEGEAN will also resume service to Tel Aviv as soon as travel restrictions are lifted. The restart of international flights will complement the carrier’s expansion of domestic operations in June which includes service from Thessaloniki to Heraklion, Chania, Rhodes, Mytilini, Kos, Samos, Chios, Limnos and Kalamata. AEGEAN also plans on resuming service to Paros, Mykonos and Santorini soon.

AEGEAN Announces Restart of International Flights From Thessaloniki - Courtesy AEGEAN

In a separate announcement on Thursday (May 28, 2020), AEGEAN announced their plan to weather the global COVID-19 pandemic. At the start of the crisis the carrier had cash reserves totaling €510 million and has applied for an additional €150 million under the Greek Government’s ‘COVID-19 Enterprise Fund.’ The program guarantees 80 percent of €150 million in loans AEGEAN has applied for with four Greek banks including Alpha Bank, EUROBANK, National Bank and Piraeus Bank. The scheme allows for loans lasting up to five years in an amount up to 25 percent of annual turnover. AEGEAN’s loan request for €150 million is equivalent to around 11 percent of the carrier’s annual turnover. The company is also currently participating in the Greek Government’s ‘Syn-Ergasia Program’ which provides 60 percent of the loss of income in the case of reduced employment until December 31, 2020.

Source: AEGEAN


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