Updated Mar 23, 2026 by PCF Group
People Can Fly Canada Inc. secured a financing agreement with the Bank of Montreal on 24 May 2023, consisting of a $1,200,000 general working-capital line and an $8,000,000 line for Canadian tax incentives.
PCF Group S.A. provided a $9,200,000 unsecured guarantee to the bank to cover the loan obligations and associated securities of its Canadian subsidiary.
The credit facilities are renewable annually and repayable on demand, with interest rates calculated based on the Canadian Prime Rate plus a negotiated margin.
Security for the financing includes a first-ranking general security agreement on all movable assets of PCF Canada and a $11,040,000 mortgage on those same assets.
The agreement restricts PCF Canada from changing its core business activities or incurring additional debt without consent, while requiring the submission of regular financial statements.
The bank maintains the right to terminate or suspend financing if the company breaches the established contractual obligations or reporting requirements.
People Can Fly Canada Inc. secured a financing agreement with the Bank of Montreal on 24 May 2023, consisting of a $1,200,000 general working-capital line and an $8,000,000 line for Canadian tax incentives.
PCF Group S.A. provided a $9,200,000 unsecured guarantee to the bank to cover the loan obligations and associated securities of its Canadian subsidiary.
The credit facilities are renewable annually and repayable on demand, with interest rates calculated based on the Canadian Prime Rate plus a negotiated margin.
Security for the financing includes a first-ranking general security agreement on all movable assets of PCF Canada and a $11,040,000 mortgage on those same assets.
The agreement restricts PCF Canada from changing its core business activities or incurring additional debt without consent, while requiring the submission of regular financial statements.
The bank maintains the right to terminate or suspend financing if the company breaches the established contractual obligations or reporting requirements.