32.1 C
Bangkok
Thursday, May 23, 2024

KLM 3.4bn bailout in crisis as unions refuse paycut plan

The move puts the future of the Dutch arm of Air France-KLM into jeopardy, which said it would not remain afloat without a massive government injection to save KLM, the world’s oldest airline hit hard by the coronavirus pandemic

THE HAGUE – The Dutch government on Saturday suspended plans to help beleaguered national carrier KLM with a multi-billion-euro bailout package after unions declined to sign a deal involving a five-year pay-cut plan.

The move puts the future of the Dutch arm of Air France-KLM into jeopardy, with KLM saying it would not remain afloat without a massive government infusion to save the world’s oldest airline, now hit hard by the coronavirus pandemic.

“The planned state aid is not going through. It’s disappointing but that’s the case,” Finance Minister Wopke Hoekstra told reporters…

Read more…

Latest Articles