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KLM CEO says company will repay 3.4 billion euro coronavirus loans

Reuters
·1 min read
Elbers, President and CEO of KLM, addresses the audience during an IATA meeting in Cancun

AMSTERDAM (Reuters) - The chief executive of Air France-KLM's Dutch arm said on Friday the company would repay the 3.4 billion euros ($4.0 billion) in emergency government-backed loans it was taking on during the coronavirus crisis, rather than needing fresh equity.

"I read all the suggestions and the speculations about this, but we've agreed a loan with the government and banks," Pieter Elbers said on a call. The Dutch government is backing KLM's bailout on condition it cuts emissions by 50% by 2030.

"We are going to make a plan to make sure we pay off those loans," Elbers said, adding that the environmental goal was attainable.

(Reporting by Toby Sterling; Editing by Edmund Blair)