Crisis in Turkish Airlines and a plan for a financial rescue...

Crisis in Turkish Airlines and a plan for a financial rescue...
Crisis in Turkish Airlines and a plan for a financial rescue...

Union Press

Sources told “Reuters” that the Turkish wealth fund is in talks to provide emergency financing to Turkish Airlines, one of the companies most affected in the country by the Corona virus pandemic, which has suspended all flights of the carrier. Also, the company may receive capital or financing support due to its crisis.

It is not yet known how much support the Turkish wealth fund might provide for what a source called a financial rescue. Turkey’s wealth fund declined to comment, while Turkish Airlines did not immediately comment.

Turkish Airlines incurred losses of 2.33 billion liras (287 million dollars) in the second quarter, when the scope of the general isolation measures expanded inside the country and abroad, and it agreed with the union to reduce wages between 30 and 50 percent until the end of 2021, but avoided laying off employees.

“It is very clear that Turkish Airlines,” one of the sources told Reuters In need of a rescue program, it may be capital support or financing support.
The source added that the Turkish Wealth Fund conducted a wide study of Turkish companies, which are experiencing difficulties in the transport and tourism sectors, indicating that further rescue operations may be imminent.

The fund owns 49.12 percent of Turkish Airlines, which has a market capital of 14.6 billion liras ($ 1.9 billion). Its shares have fallen 31% since borders were temporarily closed and international flights halted after February. Shares rose 2.5 per cent on the funding news yesterday.

In addition, data from the Ministry of Trade showed yesterday that the Turkish trade deficit rose 192.7 percent year on year in September to $ 4.88 billion, according to the general trade system.
The data reveal that imports increased 23.32 percent to 20.89 billion dollars, while exports rose 4.84 percent to 16.01 billion dollars.

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