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Air France-KLM starts euro 2,3B rights issue. BBG
Air France-KLM plans to sell about 2.26 billion euros of new shares to shore up its balance sheet and repay a chunk of the state aid that helped the carrier survive the Covid-19 crisis.
The proceeds of the planned rights issue will be used to reimburse about 1.7 billion euros of subordinate bonds issued in April last year and held by the French government, and to further reduce the company’s debt, the Franco-Dutch airline said Tuesday in a statement. The subscription period is set from May 27 to June 9.