France, European Union Close To Deal On Air France Bailout

French Finance Minister Bruno Le Maire says France and the European Union are close to a deal on a bailout for Air France, which like other carriers has been hammered by the coronavirus pandemic.

On Friday, French newspaper said the French government and the European Union’s executive were close to an agreement on the terms of a bailout for Air France.

The expected deal would see Air France give up fewer airport flight slots at its Paris base than initially sought by the European Commission, notably at Orly airport.

The Air France-KLM group recorded a 7.1 billion euro net loss for last year.

It received 10.4 billion euros in loans and guarantees from France and the Netherlands and has been negotiating a state-backed recapitalisation, with EU regulators seeking airport slot concessions at Paris-Orly and Amsterdam-Schiphol.