KLM gets 3.4-billion-euro Dutch bailout

Agence France-Presse
KLM gets 3.4-billion-euro Dutch bailout
The Dutch government says it will provide KLM with a guarantee for bank loans of up to 2.4 billion euros and a direct loan from the state of up to one billion euros

THE HAGUE, Netherlands – The Dutch government on Friday, June 26, approved a 3.4-billion-euro ($3.8-billion) bailout to prop up KLM through the coronavirus pandemic.

The aid package comes after Paris pledged 7 billion euros for partner airline Air France after the outbreak brought international air travel to a near-standstill.

“The aid consists of a guarantee for bank loans of up to 2.4 billion euros and a direct loan from the state of up to one billion euros,” a Dutch government statement said.

Air France-KLM said the loans would help the airline “overcome the crisis and prepare for the future.”

“These loans will enable KLM to weather the current COVID-19 crisis and prepare for the future,” it said.

The Dutch government announced in April that it would give KLM an aid package of between 2 and 4 billion euros.

KLM and Air France are among a host of European airlines given state support to get through the pandemic.

Germany’s Lufthansa is getting 9 billion euros from Berlin to save Europe’s largest airline group from bankruptcy. – Rappler.com