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Air France-KLM ready to move swiftly with capital increase, Les Echos reports -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Passengers wait at Air France’s desk at Nice International Airport, France on February 20, 2020. REUTERS/Eric Gaillard/File Photograph

PARIS (Reuters] – Air France KLM received shareholder approval for its capital rise and is now ready to move quickly, French financial paper Les Echos reported Sunday.

Although the airline announced that it would raise as much as 4 billion euro ($4.6 billion) to pay back state aid for pandemics, neither its terms nor their timing was disclosed.

According to the newspaper, recapitalization will be completed in the coming months, with major shareholders such as France, China Eastern and Delta Air Lines (NYSE :).

Les Echos reported that Air France KLM is planning to issue convertible bond and then sell assets when the air transport sector stock price rises.

France, which holds 29%, is the largest shareholder of the airline. Delta Air Lines has about 6%, Delta Air Lines has around 6%, and China Eastern 10% makes up 10%.

Bruno Le Maire, French Finance Minister, stated Friday that Air France-KLM would be supported in capital growth.

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