By Olivia Bugault
The European Commission has confirmed its approval for 3.4 billion euros ($4.01 billion) in aid granted by the Dutch state to its flag carrier KLM, a subsidiary of Air France-KLM.
"The European Commission has re-approved, under EU State aid rules, a EUR3.4 billion Dutch aid measure consisting of a State guarantee on loans and a subordinated State loan to KLM to provide urgent liquidity to the company in the context of the coronavirus outbreak," the EU executive body said Monday.
In May, the General Court of the European Union issued a ruling that reversed a previous approval for the financial bailout. The court then said the European Commission failed to demonstrate that previous aid of EUR7 billion granted to Air France-KLM's other subsidiary Air France by the French state didn't also benefit KLM.
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(END) Dow Jones Newswires
July 19, 2021 08:02 ET (12:02 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.