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.
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