KLM repays Dutch government loans for COVID-19
KLM Royal Dutch Airlines has announced that it will repay the final part of 277 million euros in loans secured by the Dutch government to deal with the COVID-19 crisis. Thus, KLM completes the repayment of a total of 942 million euros, which was available from the credit facility of 3,4 billion euros. The loan was repaid in three installments.
"KLM paid 311 million euros to the banks on May 3 and another 354 million euros on June 3, paying the full amount in bank loans of 665 million euros. The remaining 277 million euros are covered by the loan issued by the Dutch government ".
KLM stated that it had been able to repay the sums due to "various factors, including the departure of 6000 KLM staff members, a drastic reduction in costs, the elimination of travel restrictions and the growing demand for airline tickets".
KLM said it has "sufficient financial resources available for years to come", but at the same time the company will retain the opportunity to access loans after the final payment of the loan. KLM will continue to have access to loans of up to € 2,4 billion (€ 723 million in government borrowing and € 1,735 billion from banks), allowing it to use financing options. existing.