China Eastern Airlines, a Chinese state-owned group, will contribute € 4 billion to the Air France-KLM group’s rescue plan. Hit hard by the Covid-19 pandemic like the entire aviation sector, it recorded a loss of 7.1 billion euros in 2020. Its debt exploded to 11 billion at the end of December 2020, in increase of 4.9 billion compared to the end of 2019. It is in this context that a recapitalization was essential, notes the Chinese economic newspaper Caixin of Friday.
“The plan must however still be approved and the Chinese contribution would probably be less”, confirms a spokesperson for Air France-KLM in Time.