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Air Travel

Wizz Air confirms eligibility for UK coronavirus loan

By Molly Dyson / 21 April 2020 / Contact Reporter
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Hungarian low-cost carrier Wizz Air, which owns a UK subsidiary, has received confirmation that it is eligible for the British government’s Covid Corporate Financing Facility (CCFF), which aims to provide commercial loans to help larger firms survive the coronavirus pandemic.

While the airline said it has liquidity of €1.5 billion in cash as of the end of March 2020, it said it is “focused on further strengthening the company’s robust balance sheet”.

If Wizz Air takes up the CCFF, it would join the likes of Easyjet, which recently secured a £600 million loan under the scheme. Virgin Atlantic is reportedly seeking up to £500 million on commercial terms from the UK government. Other airlines have indicated they are likely to enter negotiations

Wizz Air announced last week that it would be making around 19 per cent of its workforce redundant, while the chief executive, board of directors and senior officers would each take a 22 per cent pay cut for the whole of FY21. Pilots, cabin crew and office staff will have their wages reduced by 14 per cent.

The carrier expects to make a Q4 loss of between €70-80 million thanks to fuel hedging costs, but still expects to turn a profit in FY20. 

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