Air France-KLM secures $7.5 billion in loans to get through crisis

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French Economy and Finance Minister Bruno Le Maire arrives for press briefing at the Elysee Palace in Paris, on April 24.
French Economy and Finance Minister Bruno Le Maire arrives for press briefing at the Elysee Palace in Paris, on April 24. Lucovic Marin/AFP/Getty Images
Air France-KLM Group and Air France have secured $7.5 billion in financing to help it remain solvent during the Covid-19 crisis, the airline group announced in a statement.
The financing comes in two parts: a French state-backed loan of roughly $4.3 billion (4 billion euros) granted by a syndicate of six banks (guaranteed by the French state up to 90%) and a direct shareholder's loan of roughly $3.2 billion (3 billion euros) from the French state to the airline group.
“This aid mechanism, which remains subject to approval by the European Commission, will enable the Air France-KLM Group to provide Air France with the means necessary to meet its obligations by continuing its transformation in order to adapt in a sector that the global crisis will severely disrupt,” the statement said. 
"This is not a blank check. There are conditions of profitability," French Finance Minister Bruno Le Maire said in an interview on French network TF1. "Air France must become the most environmentally-friendly company on the planet."
The statement also said negotiations with the Dutch government over support to KLM are ongoing.
According to data from February 2019, the French state holds a 14.3% stake in Air France-KLM and the Dutch government has 14%. Delta owns 8.8% of the company.

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