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KLM to get 3.4 billion euros bailout package

Christian Fernsby ▼ | June 26, 2020
The Dutch government said on Friday it would provide 3.4 billion euros in support to the Dutch arm of Air France KLM.
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The move comes after Paris announced a 7 billion euro bailout package for Air France in April and as governments look to shore up an industry hammered by a travel slump expected to last for years.

Topics: KLM

As part of the package, the Dutch government will appoint an observer to KLM’s board to ensure taxpayer money is spent only on the Dutch subsidiary, but won’t have control of the business.

It will also force painful reforms, including pay and spending cuts, a freeze on bonuses and dividends, as well as ambitious environmental targets that were sought by the Dutch parliament as a condition for aid.