Adds quote, particulars on plan
Adds quote, particulars on plan
PARIS, April 4 (Reuters) – The French authorities has reached the define of a take care of the European Fee on a state-backed refinancing bundle to assist strengthen Air France-KLM’s AIRF.PA stability sheet, Finance Minister Bruno Le Maire stated on Sunday.
Le Maire, talking on LCI TV, declined to touch upon the quantity concerned. He confirmed that the airline group’s board was as a result of meet on Monday to debate and approve the bundle, as successive coronavirus shutdowns take their toll.
Air France-KLM, which final 12 months acquired 10.Four billion euros ($12.2 billion) in government-backed loans, has been discussing a multi-stage recapitalisation plan to lighten the ensuing debt load, sources have stated.
This may possible contain changing a three billion-euro French authorities mortgage into hybrid devices.
However the plan had been held up by wrangling over EU calls for that Air France quit Paris-Orly take-off and touchdown slots as a situation.
Le Maire stated the airline had given up some slots in negotiations, however not the 24 initially demanded by Brussels, which might have put Air France on a par with these ceded by Germany’s Lufthansa LHAG.DE in Frankfurt and Munich as a part of its state-backed capital hike.
“It has been an extended and tough negotiation however I believe now we have reached take care of (EU competitors chief) Margrethe Vestager,” Le Maire stated.
France and the Netherlands every personal near 14% of Air France-KLM, and the Dutch state has held separate EU talks over changing its 1 billion euro mortgage to KLM into hybrid debt in return for slot concessions at Amsterdam-Schiphol.
(Reporting by Sarah White and Jean-Stephane Brosse; Enhancing by Andrew Cawthorne and Alison Williams)
(([email protected]; + 33 (0) 1 49 49 56 85;))
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.