The bailout for KLM must be accompanied by 'a comprehensive restructuring plan' as well as commitments to reestablish performance and competitiveness.
The survival of the Air France-KLM group is not guaranteed if the economic crisis caused by the coronavirus pandemic continues, Dutch Finance Minister Wopke Hoekstra warned on Sunday, September 13.
France and the Netherlands, each with a 14% share of the group, have poured out billions of euros in aid to help national carriers that virtually came to a standstill in the 1st half of 2020. "It's not a given," Hoekstra said in an interview with Dutch public television NPO, stressing the need to cut costs.similar aid worth 3.4 billion euros.
The bailout for KLM must be accompanied by"a comprehensive restructuring plan" as well as commitments to reestablish performance and competitiveness.Dutch press agency ANP said KLM has to develop a restructuring plan by October 1.This followed a loss of 1.8 billion euros in the 1st quarter.– Rappler.com
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