Air France-KLM expects bailout in weeks as cash burn mounts in Covid

Air France-KLM is poised to get a fresh government bailout after burning through 2.1 billion euros ($2.5 billion) in the final quarter of last year as a resurgent Covid-19 pandemic delayed any recovery in air travel.
Talks are ongoing between the carrier’s biggest shareholders, the French and Dutch governments, and the European Commission about a rescue package, according to Chief Financial Officer Frederic Gagey. Air France-KLM reported Thursday it had 9.8 billion euros of liquidity and credit lines at its disposal at the end of 2020 compared with 12.4 billion euros three months earlier.
“It’s a question of days or weeks, not months,” Gagey said on a conference call when asked about the timing of the recapitalization plan. “We aren’t in a situation that is too difficult, we still have time. There is no urgency.”