Paris, Feb. 20 (BNA) Air France KLM (AIRF.PA) has received shareholder approval for its proposed capital increase and is ready to move quickly, French financial newspaper Les Echos reported on Sunday.
The airline announced on Thursday that it plans to raise up to 4 billion euros ($4.6 billion) as it seeks to pay off government pandemic aid, but terms or timing were not disclosed, Reuters reported.
The recapitalization will take place in the next few months with major shareholders including France, the Netherlands, Delta Air Lines (DAL.N) and China Eastern (600115.SS), the newspaper said.
Air France-KLM aims to issue convertible bonds while also selling some assets once air transport sector shares rise, Les Echos reports.
France is the airline’s largest shareholder with a 29% stake, the Netherlands owns less than 10%, Delta Air Lines has about 6%, and China Eastern has 10%.
French Finance Minister Bruno Le Maire said on Friday that the state will support Air France in raising its capital.
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