Iceland Air Group today disclosed that they have received approval by the Icelandic Parliament with regards to a credit facility that would be backed by the government for up to USD120 million.

The group has completed the final documentations with the relevant parties which include Landsbankinn, Íslandsbanki and the Icelandic Government for the USD120 million with a 90% guarantee by the government.

Iceland Air Group Passengers Carried (International & Regional)

Iceland Air Group Passengers Carried (International & Regional)

Like many airlines around the world, Iceland Air’s traffic performance YoY shows the impact of the COVID-19 Pandemic on the airline’s performance during these uncertain times.

Moreover, the credit facility is contingent on the issuance of shares in the group that were announced after a shareholders meeting that was held on 9 September 2020 approving the share capital increment by up to ISK 23 billion and issue warrants with subscription rights for up to 5.75 billion shares.

The share offering is said to be held on the 16th and 17th of this month.

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