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KLM Royal Dutch Airlines has announced that it secured a total amount of EUR 3.4 billion of financial state support. The KLM has already implemented a number of measures to maintain liquidity, however, these were not enough.
“The financing package is necessary to secure the long and difficult road of recovery in the coming period. (…) In the coming period, we will be working on the restoration of the route network and, on the other hand, on the development of the restructuring plan and the far-reaching conditions that have been imposed on the package,” said Pieter Elbers, KLM CEO.
The financing ensures that KLM can continue its activities and that the company’s position is strengthened towards the future.
The conditions imposed by the Dutch State on the financing package relate to the entire KLM Group and include terms of employment of all KLM Group employees, the variable remuneration of management and top management, restructuring, dividend, governance, network quality, sustainability and liveability.