French state leads Air France rights issue

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By Aidan Gregory
06 Apr 2021

Air France-KLM has revealed plans for a €4bn recapitalisation backed by the French government following approval from the European Commission.

The recapitalisation consists of a €1bn rights issue. The French state will also convert €3bn of direct loans provided to Air France in May last year following the onset of the pandemic into perpetual hybrid bonds, which are treated as equity for accounting purposes under IFRS.

France’s ...

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