4/6/2021, 8:24 AM (Source: TeleTrader)
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EU approves €4 billion rescue plan for Air France

The European Commission approved plans on Tuesday to grant Air France up to €4 billion through its Air France-KLM Holding company for recapitalization.

"France will contribute up to €4 billion to reinforce Air France's equity and help the airline face financial difficulties resulting from the coronavirus outbreak," said European Commission's Executive Vice President Margrethe Vestager. She added that public support for the airline will come "with strings attached" to ensure that France is sufficiently remunerated.

Air France is a major network airline in which France holds a 14.3% participation. Both the airline and its holding company have suffered a significant reduction of activities due to the COVID-19 outbreak in early 2020.

Baha Breaking News (BBN) / IV