Smartwings and ČSA to use extraordinary moratorium option

Published: 27.08.2020 Related countries:  Egypt Egypt

As a result of coronavirus, Smartwings Group recorded a year-on-year decline in flight performance of 95%

Smartwings and Czech Airlines (ČSA) signed on August 26, 2020, at
the Municipal Court in Prague the proposal to declare an
extraordinary moratorium under the Lex COVID Act. The
announcement of a moratorium will thus provide companies with
protection at a time when the revenues of both companies have
dropped dramatically. They will also gain time to design and
negotiate a sustainable solution. As a result of coronavirus,
Smartwings Group recorded a year-on-year decline in flight
performance of 95% year-on-year between April and June 2020. In
July and August the output dropped more than 80%. The companies
want to use the COVID Plus program, which was launched by the
Export Guarantee and Insurance Corporation after notification by the
European Commission.


Source: CIA News
Prepared by the team of CzechTrade Cairo