The Finnish Government has approved the State of Finland’s guarantees on Viking Line´s liquidity loans up to €38.7 mill.
Using the liquidity loans, Viking Line aims to further secure its cash position and ensure business continuity during the exceptional situation caused by the coronavirus crisis, the company said.
In addition to the Finnish State guarantees, commercial banks are guaranteeing a further €4.3 mill.
The arrangement is compliant with EU State aid regulations and the European Commission accepted the general terms and conditions of the shipping company’s guarantees on 28th May, 2020
For its part, Viking Line undertook not to pay any dividends or disburse any other funds until the obligations in connection with the guarantees and loans had been discharged in full.
The ferry operator plans to draw down some of the loans during the last quarter of 2020 and during next year.