Photo: Wikimedia CommonsGide and Willkie Advise Air France-KLM on €7 Billion in COVID-19 Aid
If approved by the European Commission, the deal would be the largest such support package to date in France, Gide said.
April 29, 2020 at 12:04 PM
2 minute read
Gide Loyrette Nouel and Willkie Farr & Gallagher have advised Air France-KLM Group on an agreement in principle for €7 billion ($7.6 billion) in financing to weather the COVID-19 crisis, Gide said in a statement released Wednesday.
The funding, which is being finalized by the French state and the banking syndicate involved, will help the parent of the flagship airlines of France and the Netherlands "adapt in a sector that the current global crisis will impact hard," according to the statement.
If approved by the European Commission, the deal would be the largest such support package to date in France, Gide said.
The financing includes a €4 billion loan that is 90% guaranteed by the French state and granted to Air France-KLM by a banking syndicate, and a €3 billion direct loan from the French state.
The first loan has a maturity of 12 months and carries the option of two consecutive one-year extensions exercisable by Air France-KLM.
The second loan has a maturity of four years and also carries the option of two consecutive one-year extensions exercisable by Air France-KLM.
Group Air France–KLM is the result of a merger between Air France and KLM Royal Dutch Airlines in 2004. The group, which is partially owned by the French and Dutch states, posted revenue of €27.2 billion ($29.5 billion) in 2019 and employs 83,000 people.
The Gide team advising Air France-KLM was led by banking and finance partner Arnaud Duhamel, working with banking and finance partners Eric Cartier-Millon and Laurent Vincent, corporate partner Didier Martin, public law partner Thomas Courtel, competition partner Stéphane Hautbourg, and banking and finance counsel Nathalie Benoit.
The Willkie team was led by restructuring partner Lionel Spizzichino, working with corporate partner Gabriel Flandin, public law partner Thierry Laloum, banking and finance partner Paul Lombard, competition partner Faustine Viala, counsel Maxime de l'Estang on competition, special European counsel Igor Kukhta on corporate and financial services, and counsel Audrey Nelson on restructuring.
The Agence des Participations de l'Etat, the agency that manages the French state's holdings in Air France-KLM, was advised by Allen & Overy and BDGS Associés. The banking syndicate was advised by White & Case.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
FCA Fines Metro Bank £16.7M Over ‘Financial Crime Failings’
Law Firms Mentioned
Trending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
