France, Brussels have agreed on Air France-KLM refinancing - minister

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The French government has reached the outline of a deal with the European Commission on a state-backed refinancing package to help strengthen Air France-KLM's balance sheet, Finance Minister Bruno Le Maire said on Sunday.

FILE PHOTO: Logo of Air France KLM Group is pictured on the first Air France airliner's Airbus A350 during a ceremony at the aircraft builder's headquarters of Airbus in Colomiers near Toulouse, France, September 27, 2019. REUTERS/Regis Duvignau

Le Maire, speaking on LCI TV, declined to comment on the amount involved. He confirmed that the airline group’s board was due to meet on Monday to discuss and approve the package, as successive coronavirus shutdowns take their toll. Le Maire said the airline had given up some slots in negotiations, but not the 24 initially demanded by Brussels, which would have put Air France on a par with those ceded by Germany’s Lufthansa in Frankfurt and Munich as part of its state-backed capital hike.

 

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