Final approval of the 3.4 billion loan package by the Dutch state
06 Novembre 2020 - 08:40AM
Final approval of the 3.4 billion loan package by the Dutch state
Roissy, 6 November 2020
Final approval of the 3.4 billion loan
package by the Dutch state
KLM is in the midst of the worst crisis in its
101-year history, with the COVID-19 pandemic eroding its strong
performance of recent years. The EUR 3.4 billion loan package,
consisting of a government loan and guarantees on bank loans, is
crucial to securing the future of the airline and its network for
the Netherlands. KLM is very grateful to the Dutch government for
its support and willingness to provide financing at this time.
The Dutch Government has made its loan package
contingent on certain conditions, one being that all KLM employees
must agree to adjust certain employment conditions for the duration
of the loan (expected until 2025). KLM has spent the past few
months hammering out the details of this austerity program with the
trade unions for cockpit, ground and cabin personnel, in line with
the required structure and percentages.
The outcomes of these negotiations have been
formalized in outline collective labor agreements and incorporated
as such into the restructuring plan that KLM submitted to the Dutch
Government on 1 October. The outline agreements define the
austerity measures that will apply until early 2022 (for cockpit
crews) and late 2022 (for ground and cabin personnel). It was
especially important to specify the contribution that all KLM
employees would be making towards the airline’s cost-reduction
efforts over the entire loan period. To meet this demand without
having to re-enter negotiations, a “commitment clause” was inserted
into the agreements between KLM and the trade unions.
KLM and the eight trade unions have therefore
satisfied a key requirement, ensuring final approval of 3.4 billion
loan package by the Dutch state.
Investor
relations
Press office
Olivier
Gall
+33 1 49 89 52 59
+33 1 41 56 56 00
olgall@airfranceklm.com
Website: www.airfranceklm.com
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