December 14, 2020

EgyptAir plans restructuring EGP 10B in debt -Egypt

ArabFinance: EgyptAir Holding Company intends to restructure approximately EGP 10 billion in debt owed to foreign lenders, Shorouk News cited Chairman Rushdi Zakaria on December 12th.

The state-run firm has monthly foreign debt installment of $30 million (EGP 471.37 million), as well as the lease rate of the new airplanes, according to the chairman.

Zakaria noted that the company has been incurring a monthly loss ranging from EGP 500 million to EGP 600 million since last July, following the three-month hiatus of air traffic.

EgyptAir was allocated a long-term loan worth EG1p 3 billion from the Ministry of Finance.

*At press time, the conversion rate is $1 = EGP 15.71


Categories : aviation

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