French Finance Minister Bruno Le Maire said he would guarantee the survival of Air France after his Dutch counterpart warned more cost cuts may be needed to get through the deep industry slump.
France will “do what is necessary to guarantee the survival of Air France,” Le Maire said Monday on France 2 television. “We’ve already done a lot, and we will continue.”
The French and Dutch government ministers were weighing in on plans by Air France-KLM to cut jobs, capacity and planes to respond to the sharp drop in demand caused by the Covid-19 pandemic. The countries, which own a combined 28% stake in the group, came to the rescue earlier this year with 10.4 billion euros ($12.3 billion) in loans and guarantees to its constituent carriers, Air France and KLM.
