April 23
2021
Anjum Shabbir
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6th April 2021
Competition & State Aid Covid-19

Commission approves French State aid for recapitalisation of Air France in COVID-19 context

The European Commission has approved aid from France in the amount of 4 billion euros to Air France through its holding company (Air France-KLM) under the State aid Temporary Framework, due to major financial losses suffered as a result of the COVID-19 outbreak and related travel restrictions, and so that it can be recapitalised.

The recapitalisation includes a 3 billion euro loan which has already been granted by France and approved by the Commission (SA.57082), which will be converted into a hybrid capital instrument; and a capital injection through the subscription of new shares in a share capital increase opened to existing shareholders and the market, limited to 1 billion euros depending on the size of this operation.

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