Icelandair Begins 2022 In A Strong Financial Position

Anna Zvereva from Tallinn, Estonia, CC BY-SA 2.0 , via Wikimedia Commons

LONDON – Icelandair has announced that they have soothed the troubling economic waters and have started this year (2022) on a positive note and that they have survived the pandemic and its economic impacts.

The airline was given a $120 million credit facility by the Icelandic government and state-run banks; Íslandsbanki and Landsbankinn, in September 2020. They have performed so smoothly that they could pay back the loan 7 months before the due date.

Bogi Nils Bogason, Chief executive and President of Icelandair stated:

“It is gratifying to announce our termination of the government-backed facility almost eight months ahead of schedule and without ever having had to draw on it.”

The facility was a key component in the successful financial restructuring which was made possible through the coordinated efforts of all “major stakeholders.”

He continues, “As the aviation industry moves closer to normal operations, I am confident we have what it takes to reach our primary objective coming out of the pandemic – to return to sustainable operating results.”

Icelandair Group stated on 7 February,

“The credit facility was vital to complete the financial restructuring, enabling the company to maintain valuable know-how and preserve the infrastructure necessary for an efficient ramp-up of its operations post-Covid.”

The traffic data released by Icelandair shows that they have accommodated 113,000 passengers during January.

With the average load factor being at 60% in January 2022, compared to 39% in January last year, the airline has booked a significant recovery, but still nowhere near enough compared to 2019.

Due to the less severe effects of the Omicron variant experienced by passengers, the company has noticed a growth in the number of bookings for the months ahead.

Check Out Our Socials!

Up Coming Events

Paris Airshow 2023 18-23 June
Days
Hours
Minutes
Seconds
Be Sure To Check out our 24 Live blog for Live and accurate Coverage of the Airshow!

Popular Posts

You May Also Be Intrested In

More News.....

On Key