Blue Air Needs EUR60M Rescue Loan to Survive Covid-19 Crisis

Romanian airline Blue Air, which was forced to put 90% of employees on furlough, needs a rescue loan of EUR60 million to survive the Covid-19 crisis, said company CEO Oana Petrescu.

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“At this time and based on the information we have regarding the evolution of the current crisis, we estimate we need EUR40 million to EUR60 million to keep the market share we had before the crisis,” Petrescu said.

She said the company applied for a government rescue loan in March.

Although most its employees are on furlough, Blue Air pilots may fly the company's few remaining flights by rotation to be able to keep their flight licenses.

Blue Air invested EUR80 million in 2016-2018, which it stands to lose if foreign airlines take over its regular routes once flights are resumed. All of Blue Air's regular flights are currently suspended and the company operates flights on demand.

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