Porter Signs Loan Deal With Federal Government

The parent company of Porter Airlines — Porter Aviation Holdings Inc. — has reached an agreement with the Canadian government for loans of up to $270.5 million.

That amount includes $20.5 million for additional reimbursements for passengers on flights canceled during the COVID-19 pandemic.

Porter’s president and CEO, Michael Deluce said: “Porter is using this money primarily as a capital reserve during the recovery period from the pandemic.”

Deluce explained: “We intend to draw on these funds as needed to support the recovery of operations during an uncertain period of travel demand. Our immediate goal is to be ready to resume flights as soon as public health conditions permit and governments change travel restrictions.”

Loans are offered through the Canada Business Emergency Financing Corporation under the Emergency Credit for Large Employers (CUGE). The conditions are in accordance with the rates published by the CUGE and they are repayable over five years. A separate loan to help repay passengers is repayable over seven years.

All flights booked before June 30, 2021, for travel from Feb. 1, 2020, are eligible for a refund.

The refund request process begins immediately. All requests must be made online and will be accepted until August 29, 2021. Refunds are for the total purchase amount and will be processed using the original payment method, such as credit card and VIPorter points.

Customers have the option to keep their existing travel credits and receive a 25% bonus credit, depending on how they book. These credits are valid until Dec. 31, 2022, they are fully transferable and they can be redeemed multiple times until the total balance is exhausted. Credits, including bonuses, are applied automatically and do not require the customer to contact Porter. Eligible customers will be notified by email if their address was provided at the time of booking. The value of the credits, including the bonus amounts, is included in this email.

Said Deluce: “All customers whose flights have been canceled due to the pandemic now have the option of requesting a refund. We look forward to getting back on flights this summer and welcoming passengers back on board our planes.”

Porter has issued thousands of refunds requested by passengers so far for all canceled flights on U.S. routes, or any domestic flights booked from July 2020.

Customers who purchased their ticket through a travel agency must request a refund from the agency. Travel agency commissions are protected for tickets issued as part of this refund process.

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