(Bloomberg) -- Canada’s Flair Airlines Ltd. is looking to raise around $150 million of senior debt as part of an ongoing overhaul at the budget carrier.
The firm, which said in August it was in talks to raise funds, is working with Haywood Securities Inc. to do so, according to people familiar with the matter who asked not to be named discussing a private matter. Flair recently reported C$14.7 million ($10.5 million) of third-quarter Ebitda, one of the people added.
“We had a great third quarter and look forward to serving the Canadian public for the long term,” a Flair spokesperson said in a statement to Bloomberg News while declining to comment on financial details. Haywood Securities did not respond to requests for comment.
Flair has faced a series of hurdles the past few years, including former lead investor 777 Partners facing fraud allegations. That’s on top of higher costs, intense competition and the aftershocks of pandemic lockdowns that led to other Canadian peers filing for creditor protection. Just this week, US budget carrier Spirit Airlines Inc. filed for bankruptcy.
©2024 Bloomberg L.P.