Tunisair Approves 150 Million Dinar Bond Issue to Strengthen Activities
Tunisair has validated a bond issue of 150 million dinars (approximately 51.5 million dollars), which will be carried out in one or several tranches over a period of 12 months, in order to support the continuation of its activities and attempt to overcome its financial difficulties. The decision was made during the ordinary general assembly on September 10, during which the board of directors was granted full powers to define the conditions and terms of the operation. The company confirmed the continuity of its activities despite having equity below half of the share capital since December 31, 2021. For the 2021 fiscal year, Tunisair recorded a net loss of 266 million dinars (approximately 91.5 million dollars), with a cumulative deficit exceeding 1.8 billion dinars (approximately 620 million dollars). Auditors will be appointed to establish the financial reports for the 2022, 2023, and 2024 fiscal years.
In this context, a former Minister of Trade recently suggested the use of convertible bonds as a refinancing solution. On its part, the Tunisian government ordered urgent measures to stabilize the national airline at the beginning of 2025. The Minister of Transport, Rachid Amri, set a deadline of October for the presentation of a recovery plan focused on fleet availability, service quality, safety, and network expansion in order to increase Tunisair's market share.
