France, European Commission To Strike Bailout Deal For Air France Soon - Minister

MOSCOW (UrduPoint News / Sputnik - 29th March, 2021) Paris and the European Commission are about to sign a deal on a rescue package for the Air France airline, hit hard by the coronavirus crisis since 2020, French Finance Minister Bruno Le Marie said on the Franceinfo broadcaster on Monday.

"The European Commission will have to adopt this decision definitively, it is a matter of days, and it will have to be submitted to the board of directors of Air France," Le Maire said.

The minister noted that the expected deal with the Commission is designed to "maintain fair competition between Air France and the other airlines." However, he did not specify the sum of the package and other details of the agreement.

According to media reports, the deal is to oblige the air carrier to give up several airport flight slots in Paris, particularly at the Orly airport, but fewer than the Commission initially aimed for.

In particular, according to the Le Monde newspaper, the company's board of directors will ratify the agreement in early April.

The Air France-KLM Group, a merger of French and Dutch airlines, has reported a 7.1 billion euro ($8.3 billion) loss last year as a result of the pandemic impact. The company received 7 billion Euros from the French government, which owns a 14 percent stake in it, and 3.4 billion euros from the Netherlands in state assistance to deal with the post-coronavirus shocks.