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The Aurigny Group - Financial Sustainability

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Policy & Resources Committee & States' Trading Supervisory Board - P.2021/102

The States are asked to decide:-

Whether, after consideration of the policy letter 'The Aurigny Group - Financial Sustainability" dated 3rd September, 2021, they are of the opinion:-

1. To note the Air Policy Framework which includes the Shareholder Objectives for Aurigny;

2. To approve the recapitalisation of the Aurigny Group in respect of its cumulative losses up to 31st December, 2020, in the sum of £46.8m in accordance with the provisions of section 6 of that policy letter and in accordance with such terms as the Policy & Resources Committee and the States' Trading Supervisory Board shall deem appropriate;

3. To approve the recapitalisation of the Aurigny Group in respect of its losses for the year-ending 31st December, 2021, in accordance with the provisions of section 6 of that policy letter and in accordance with such terms as the Policy & Resources Committee and the States' Trading Supervisory Board shall deem appropriate;

4. To authorise the Policy & Resources Committee to provide or guarantee overdraft facilities to the Aurigny Group in accordance with the provisions of sections 5 and 6 of that policy letter and on such terms as the Policy & Resources Committee shall deem appropriate.

The above Propositions have been submitted to Her Majesty's Procureur for advice on any legal or constitutional implications in accordance with Rule 4(1) of the Rules of Procedure of the States of Deliberation and their Committees.

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P 2021 102 - The Aurigny Group - Financial Sustainability

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