The State is ready to recapitalize Air France-KLM to help it get out of the coronavirus crisis, said Friday the Secretary of State for Transport Jean-Baptiste Djebbari, for whom the group “can take advantage of this crisis” .
“We think there are three very solid groups in Europe, which are the Air France-KLM group, the IAG group around British Airways and the Lufthansa group,” said Djebbari, noting that “the States concerned ( …) will be extremely concerned to support businesses in cash. “
Regarding a possible nationalization of Air France-KLM, “nothing has been ruled out,” recalled the Secretary of State during a hearing in the Senate, speaking rather “of the need for a possible capital increase”.
“I distinguish recapitalization from nationalization, for the simple reason that in nationalization there is also a takeover by the state,” he added.
“At Air France-KLM we have an excellent CEO in the person of Ben Smith, who has an extremely precise vision of the market, of Air France-KLM’s competitive positioning, of the possible ways out of this crisis, and I believe that must be given to the leadership in place (…) all the weapons (to) lead the strategy of reconquest, “he stressed.
Help pass the course
“I think that, paradoxically, France, Air France-KLM, can take advantage of this crisis because the world is going to be extremely transformed, but there are also (…) opportunities that the State must focus on to support, “said Djebbari.
More generally, according to him, it is a question of first helping the airlines to pass the moment of the crisis where they are almost at a standstill and where there is almost no revenue, and “then to support on the recovery which can be quite long, three months, six months, nine months … with operating levels that will not allow systemic profitability “.
Air traffic fell by 98% in France, Air France having for example ensured 18 flights Wednesday against a thousand of daily connections in normal time, noted Mr. Djebbari.
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