An extraordinary Aegean Airlines general shareholders’ meeting on Thursday approved a buy back scheme for warrants held by the Greek state, valued at roughly 84 million euros.

The buy-back option was part of the agreement for 120 million euros in emergency support towards the company to cover damages and losses during the pandemic. In line with state aid to keep other national carriers in Europe afloat during the pandemic, the measure was approved by the EU Commission.

In exchange, the Greek state received warrants for the company’s shares as collateral.

The Greek state notified Aegean of its intent to exercise its rights last month, thereby opening the way for the buy back.