Response of KLM to state agent’s third report
The third report issued by the state agent – who oversees compliance with the conditions attached by government to the loan package – was published on Thursday. The report states that KLM has so far comfortably met the conditions set by government. Instead of the required 15% cut in controllable costs, KLM has achieved a 30% reduction. This has, in part, been possible through the huge efforts of KLM employees, making substantial employment conditions-based contributions during the Covid-19 crisis.
In 2020, KLM utilised €942 million of the total loan package of €3.4 billion. In May and June this year, KLM repaid two thirds of this amount, leaving only €277 million of the utilised government loan outstanding. KLM also intends to repay this amount this year. Moreover, government has offere...