Flair Airlines looking to borrow $150 million: report

Low-cost carrier Flair Airlines is looking to borrow some $150 million as it undergoes a restructuring, BNN Bloomberg is reporting.

The airline is working with Haywood Securities Inc. to complete the financing, according to sources familiar with the matter that BNN spoke to.

Flair recently reported C$14.7 million for its third-quarter Ebitda, one source said.

“We had a great third quarter and look forward to serving the Canadian public for the long term,” a Flair spokesperson told Bloomberg News while declining to comment on details. Haywood Securities did not respond to requests for comment.

Flair’s debt load made headlines in August as the carrier first attempted to raise funds to help pay down expenses incurred by aircraft repossessions, back taxes and a financial backer accused of fraud.

This week, U.S.-based budget carrier Spirit Airlines Inc. filed for bankruptcy.

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