Air France: KLM is approved over E3bn in loans
(CercleFinance.com) - The Franco-Dutch airline has announced the final approval of a 3.
4 billion loan package by the Dutch State.
It says that, "The EUR 3.4 billion loan package, consisting of a government loan and guarantees on bank loans, is crucial to securing the future of the airline and its network for the Netherlands".
The Dutch Government has made its loan package subject to certain conditions, one of which is that all KLM employees agree to adjust certain conditions of employment during the term of the loan (expected until 2025).
"The outline agreements define the austerity measures that will apply until early 2022 (for cockpit crews) and late 2022 (for ground and cabin personnel)," management said.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
4 billion loan package by the Dutch State.
It says that, "The EUR 3.4 billion loan package, consisting of a government loan and guarantees on bank loans, is crucial to securing the future of the airline and its network for the Netherlands".
The Dutch Government has made its loan package subject to certain conditions, one of which is that all KLM employees agree to adjust certain conditions of employment during the term of the loan (expected until 2025).
"The outline agreements define the austerity measures that will apply until early 2022 (for cockpit crews) and late 2022 (for ground and cabin personnel)," management said.
Copyright (c) 2020 CercleFinance.com. All rights reserved.