Air France-KLM to Get State Rescue of as Much as $12 Billion
- France, Netherlands pledge loans, guarantees to save carrier
- Airline has grounded most of its planes due to virus pandemic
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Air France-KLM became the latest carrier to get a state-backed bailout, with the French and Dutch government shareholders pledging as much as 11 billion euros ($11.9 billion) in loans and guarantees to help it weather the coronavirus pandemic that has brought global air travel to a near standstill.
France agreed to extend 4 billion euros of state-backed commercial funding and 3 billion euros of direct government loans, Finance Minister Bruno Le Maire said on TF1 television Friday. The funds will be destined for the French arm, Air France, the group said in a statement.