PARIS, March 27 (Reuters) - The French authorities
PARIS, March 27 (Reuters) – The French authorities and the European Union’s government are near an settlement on the phrases of a bailout for Air France AIRF.PA, which like different carriers has been hammered by the coronavirus pandemic, Le Monde reported.
The anticipated deal would see Air France hand over fewer airport flight slots at its Paris base than initially sought by the European Fee, notably at Orly airport, the newspaper stated in a report printed late on Friday.
Contacted by Reuters, a spokeswoman for the Fee stated it was in touch with the French authorities. “We can not prejudge the timing or end result of those contacts,” she added.
Air France and France’s financial system ministry declined to remark.
The Air France-KLM group recorded a 7.1 billion euro ($8.38 billion) web loss for final yr.
It acquired 10.four billion euros in loans and ensures from France and the Netherlands and has been negotiating a state-backed recapitalisation, with EU regulators in search of airport slot concessions at Paris-Orly and Amsterdam-Schiphol.
Underneath a plan submitted to Brussels, France would swap a four billion euro shareholder mortgage granted to Air France-KLM final yr for hybrid debt or perpetuities, sources have stated.
Air France and its unions had baulked on the EU’s calls for for slot concessions at Orly.
Slot concessions for KLM had but to be agreed by the Fee and the Dutch authorities, Le Monde and fellow French day by day Les Echos stated.
($1 = 0.8477 euros)
(Reporting by Gus Trompiz, Francesco Guarascio, Laurence Frost and Gilles Guillaume; Modifying by Jan Harvey)
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