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Air France-KLM Group is getting bailed out.

The airline is set to receive 7 billion euros in loans and loan guarantees from the French government -- and it's close to reaching a deal with the Dutch government for additional help.

The aid packages, announced Friday, still need the approval of the European Commission.

The airline said the deals will provide it with the means necessary to survive the coronavirus crisis, which has brought a near halt to demand for air travel around the world. The number of passengers carried by the airline fell 20% in the first quarter, with a 57% decline in March.

"I would like to thank the French state and our banking partners for this aid, which will enable the Air France-KLM Group to overcome this unprecedented crisis," said the airline's chair Anne-Marie Couderc.

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April 25, 2020 at 03:05AM
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US stocks set to end loser of a week with gains: Live updates - CNN
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