France, EU to sign a bailout deal for Air France: Minister
- 29 Mar 2021
Gulf Today Report
France and the European Union set to close a deal to help Air France following the effects of the pandemic on the carrier.
Like most airlines, Air France has been hit by the coronavirus pandemic, Finance Minister Bruno Le Maire said.
"We are nearing a deal...It is a matter days," Le Maire told media, adding there could be concessions to ensure fair competition.
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"It's not about closing lines or cutting jobs. Concessions are being asked to ensure fair competition between Air France and other carriers," Le Maire said without providing further details.
The deal would have Air France give up some airport flight slots at its Paris base.
The Air France-KLM group recorded a 7.1 billion euro ($8.38 billion) net loss for last year.
It received 10.4 billion euros in loans and guarantees from France and the Netherlands and has been negotiating a state-backed recapitalisation, with EU regulators seeking airport slot concessions at Paris-Orly and Amsterdam-Schiphol.
