Turkey Assets Fund (TVF) corona virus which is one of the worst affected companies from the epidemic and in the process revenue hit by Turkish Airlines (THY) with a capital support or funding had been negotiating for the program to be provided.
According to the information provided by the sources, discussions are continuing about the method of the recovery program, but it is not yet clear which method will be used and the amount of the program.
TL 2.23 BILLION LOSS IN THE SECOND QUARTER
TVF did not comment on the subject, and there was no reply from THY at the time of writing. The cessation of travel due to the Corona virus epidemic hit THY's balance sheet. The company lost 2.23 billion liras in the second quarter.
Trying to reduce costs, Turkish Airlines made an agreement with Hava-İş Union in August on a 30-50% reduction in employee wages until the end of 2021.
THE ASSET FUND HAS 49.12 PERCENT SHARE
A source close to Threads recently with Turkey Assets Fund THY that intensify their negotiations on a recovery program, said: "TVF summer, mainly transport and tourism in Turkey did a study to support the company in great difficult. It is clear that THY also needs a rescue program. This can be a capital support or a financial support ”. Turkey Assets Fund has 49.12% share in the total capital of TL 1.4 billion with thyme.
Minister of Treasury and Finance Berat Albayrak stated in his speech at the YEP meeting this week that the recovery in areas such as tourism, transportation and services has not reached the desired level yet.
THE IDEAS ARE ASSESSED ON THE METHOD
Two senior officials close to the subject in Turkey with Turkish Airlines Fund's assets on a recovery program that specifying a qualified opinion, 'as in the example of some Turkish Airlines, Lufthansa efforts to rescue the financial difficulties. Some sort of capital transfer or financing will be possible. Currently, negotiations are held for this and opinions on the method are being evaluated.
During the corona virus outbreak, airline companies suffered very serious revenue losses due to the cessation of flights. Many airlines around the world have fired a large number of employees while reducing capacity by divesting their aircraft.
GERMANS PREPARE A 10 BILLION EURO PACKAGE
The German government recently prepared a $ 10 billion rescue package for Lufthansa, which was said to lay off more than 1,000 pilots. Similarly, Air France-KLM, one of the world's major airlines, received billions of euros in government support. Global airlines trying to reduce costs are thus preparing their balance sheets for the winter months where the corona virus epidemic is expected to accelerate.
NUMBER OF PASSENGERS FALLED BY 64.6 PERCENT
According to THY's August data, the number of passengers decreased by 64.6%, while the passenger load factor dropped by 17.2 points to 67.6%. According to the information given in the investor teleconference held after THY's second quarter results, the company's monthly cash burn amounted to $ 300-350 million, while the company had $ 1.7 billion in cash.
At the same meeting, CEO İlker Aycı pointed out that some of the credit facilities allocated to THY by banks have not yet been used and stated that their hands are very comfortable until the first quarter of 2021.
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