Australian start-up Impulse Airlines has been boosted by A$20 million ($12 million) in funding from the Motor Trades Association of Australia's superannuation fund (MTAA Super). The finance, in the form of convertible notes, takes institutional investment in the carrier to $100 million.
Impulse has at the same time rejected reports that it has held talks with another start-up, Virgin Blue, on a possible merger, claiming it is achieving an overall load factor of 46% and that this is increasing by up to 15% weekly. Impulse says it is also attracting significant interest from the business market, with corporate customers approaching it for fare deals.
The carrier's managing director Gerry McGowan says the MTAA Super facility, which can be drawn down in tranches and converted into equity when necessary, will be a key plank in underpinning current operations and future growth, including aircraft purchases.
Source: Flight International
