Transat A.T. Inc. has secured an additional $250 million in emergency financing from the federal government after high fuel costs drove it further into the red last quarter.
The new low-interest line of credit from the Canada Enterprise Emergency Fund comes on top of the $150-million loan the travel company received from Ottawa over the summer to help offset soaring energy prices caused by the Iran war.
“Our third-quarter results were significantly impacted by sustained higher fuel prices, which remained elevated well beyond expectations and were the primary driver of lower profitability,” Transat CEO Annick Guérard said in a news release Thursday….