Air France KLM wins EU okay for $4.7 billion recapitalisation

Brussels, Apr. 6 (BNA): The European Commission approved on Tuesday a French proposal to grant up to 4 billion euros ($4.72 billion) to recapitalise virus-hit Air France KLM in return for giving up to 18 slots per day at Paris Orly airport to a rival carrier.

The EU executive said France will have to present an exit strategy for the airline within 12 months unless it has reduced the state stake to below 25% by then, according to Reuters.

It said Air France KLM will be banned from paying dividends, non-mandatory coupon payments, making share buybacks and giving out bonus payments to management until the recapitalisation is redeemed.

 

Source: Bahrain News Agency

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