Air Caraïbes touted as potential buyer for TUI's Corsair

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Air Caraïbes touted as potential buyer for TUI's Corsair

Unread post by bimjim » Thu Feb 05, 2015

http://www.ch-aviation.com/portal/news/ ... rsair-intl

Air Caraïbes touted as potential buyer for TUI's Corsair Int'l
05 February, 2015

Corsair International (SS, Paris Orly) parent firm, TUI International, is reportedly in talks with an undisclosed buyer regarding the planned disposal of the loss-making carrier, airline CEO and head of TUI France, Pascal de Izaguirre, has announced. Though initial plans had focussed on securing a strategic partner for the airline, TUI has now pushed to divest itself completely from Corsair.

"Pascal de Izaguirre told us that there were several candidates and that it was in exclusive negotiations with a buyer," a union source told France's La Tribune newspaper, adding that the CEO said that the negotiations should be finalized quickly.

While rumours had speculated that the interested party could be the International Airlines Group (IAG) - parent to British Airways, Iberia, and Vueling Airlines - the paper says its own more 'credible' sources have pointed to Guadeloupe-based operator, Air Caraïbes (TX, Pointe à Pitre). The two companies, which cooperate on flights to the French Caribbean as well as to the French enclaves of Mayotte and La Réunion in the Indian Ocean, reportedly opened preliminary dialogue back in 2013.

France's second largest airline after Air France (AF, Paris CDG), Corsair operates two A330-200s, two A330-300s, and three B747-400s on international scheduled and charter services to 15 destinations in the French overseas territories, Africa, and North America. As part of its "Take Off" restructuring plan launched in 2010, Corsair cut its fixed costs and capacity by about 20% while leaning down its workforce from nearly 1,200 employees, to 750 at present.

For its part, Air Caraïbes is in a good financial state of health posting a turnover of EUR353 million during 2013. With a workforce of 1'000 employees, it offers scheduled and charter services to 13 islands in the West Indies as well as transatlantic flights to Paris Orly through its Air Caraïbes Atlantique (CAJ, Paris Orly) subsidiary.

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