4/24/2020, 9:51 PM (Source: TeleTrader)
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Netherlands to give KLM up to €4B for recovery

The Dutch government is planning to give KLM somewhere between €2 billion and €4 billion to help the airline recover from the impact of the coronavirus which shut down airports and led to severe revenue drops for airlines, ministers revealed on Friday.

Finance Minister Wopke Hoekstra and Infrastructure and Water Management Minister Cora can Nieuwenhuizen told the press that the government is yet to decide on the way the funds will be distributed, but part will likely be in the form of state aid while the rest may include loan guarantees. The ministers called on their flagship carrier to discard pay bonuses as well as dividends and asked the airline to scrap night flights and reduce CO2 emissions.

KLM is part of Air France-KLM and the Dutch investment in the company will come on top France's promise to give the airline group €7 billion.

Breaking the News / VP