Sunwing taps federal emergency loan program for $375M bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Christopher Katsarov/The Canadian Press
The federal government is extending $375-million in credit to Sunwing Vacations Inc. and Sunwing Airlines Inc., days after the airline agreed to suspend flights to Mexico and the Caribbean.
Toronto-based Sunwing is among the four airlines cancelling flights to several vacation destinations until the end of April at Ottawa’s request. WestJet Airlines Ltd., Air Canada and Transat AT Inc. also agreed to cancel flights to many sun destinations. The drastic move is a bid to slow the spread of a new and more transmissible variant of COVID-19.
The loan is being granted to the two divisions of Sunwing Travel Group under the federal government’s Large Employer Emergency Financing Facility (LEEFF), which was established in May to help big companies weather the pandemic. So far the program has proved unpopular, with fewer than 20 applicants and only two other loans approved: $200-million to Gateway Casinos and Entertainment Ltd., and $120-million t
Sunwing taps federal emergency loan program for $375M, aims to preserve jobs bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.