French airline Air Austral has been taken over by a consortium of 27 private investors. Last week, the responsible court in Saint-Denis gave the go-ahead for the transaction.

So far, the carrier was 99 percent in the hands of Sematra, a semi-public company. The consortium has initially taken over 55,18 percent, with the option of a full takeover. “Air Austral is saved. It's a great satisfaction and a collective achievement after a year of work," Normane Omarjee, third vice-president of Reunion Island's regional council, told local media.

The restructuring plan will be accompanied by a contribution of 30 million euros from these investors and 25 million euros from Sematra. 17,5 million euros have been allocated by the French state to compensate Air Austral for the damage the company has suffered during the coronavirus pandemic. 185 million euros in debt were also repaid.

Air Austral has been on the market since 1990 and is based in the French overseas territory of La Réunion. It specializes in connecting with neighboring islands in the Indian Ocean and with mainland France. They also operate some routes towards Asia. The fleet consists of eight Airbus and Boeing aircraft.