The Czech airline has signed a contract with a consortium of banks led by Unicredit Bank for a loan of two billion kroner (around 76 million euros) with a term of six years. It is part of the Covid Plus program announced by the Czech government to cushion the effects of the pandemic, from which Smartwings is benefiting. The Export Guarantee and Insurance Company secures the loan. For this guarantee, Smartwings pays the state organization a fee of almost 200 million crowns. An integral part of the transaction is significant financial support from the Czech shareholders, especially the Unimex Group, without whom it would not be possible to obtain the loan. The restructuring measures decided by Smartwings, including the support from the lessors, will bring Smartwings an additional approx. 5 billion crowns. These measures together with the loan exceed 7 billion. According to Smartwings, this amount clearly exceeds the liabilities due.
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