State to back up Air France with 7 billion euros of loans
The French government is prepared to back up Air France with 7 billion euros (7.6 billion dollars) worth of loans and loan guarantees, Economy Minister Bruno Le Maire said on Friday.
The state will lend Air France 3 billion dollars directly and will guarantee bank loans for a further 4 billion euros, Le Maire told TF1 television.
“Air France’s aeroplanes are grounded,” Le Maire said. “There are no flights and so we must support Air France.”
Le Maire said he wanted environmental commitments from Air France – part of the Air France-KLM group – in return for the backing, as well as “an effort to be more profitable.”
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“Air France must be the airline that of all those on our planet most respects the environment,” he said.
The government was also working to arrange a 5-billion-euro loan for carmaker Renault, Le Maire said. (dpa)
