EgyptAir's regular flight from Cairo to Casablanca, Morocco, has been canceled after the Moroccan authority expanded its national emergency until April 10 to contain the outbreak of COVID-19 and in recognition of the nation's safety systems.
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EgyptAir Holdings Inc. Ceo and Chairman Roshdy Zakaria stated that the company secured multiple loans totaling five billion LE to deal with the coronavirus epidemic's effects.
According to the coronavirus, the company's fleet's present activity does not surpass 50% of the rates achieved in 2019, according to Roshdy, and the business has lost around LE 500 million a month since the continuance of flights in July.
Based on a leading daily, He clarified that the first loan was worth LE two billion and was intended to pay employee wages. In contrast, the second loan was worth LE three billion and was designed to pay aircraft installments and handle aircraft for international agencies.
He added that the group is going forward with the consolidation of EgyptAir Investment Group to combine its nine subsidiary companies: Ground Services Firm, Air Services Company, Shipping, Tourism, Duty-Free, Healthcare Services, Airlines, Hospitality, Maintenance, and Express, which will be merged into four entities in total to eliminate damages and management costs.
He also mentioned that the firm had halted four Boeing B777-200 aircraft pending a thorough review by the multinational company Boeing, following the discovery of certain technological shortcomings.
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