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Helsinki prepares EUR 400 million loan for Finnair
The Finnish government is currently preparing a EUR 400 million loan for Oneworld member Finnair. This is intended to give the carrier a helping hand, which has been hit hard by the corona crisis. Finnair's cash reserves had shrunk to EUR 2020 million by the third quarter of 725. "Finnair is preparing for 2021 with a number of scenarios for rebuilding our network. This facility will help us survive the pandemic period, regardless of which scenario is realized. We entered the Covid-19 pandemic with a strong balance sheet and cash position. Now we want to ensure that we survive this extraordinary time and continue to implement our strategy of connecting Asia and Europe and developing Finnair as a modern premium airline. The hybrid loan would be an important facet in ensuring our financial stability if the recovery in air traffic is slower than expected. We entered into several financing agreements in 2020 to strengthen our finances and enable a cost-efficient cost structure, and we plan to continue these measures,” explains company boss Topi Manner.