Air France-KLM buys 19.9% of SAS

The Air France-KLM Group completes the acquisition of a non-controlling stake in the share capital of SAS AB. Extensive commercial cooperation to begin September 1, 2024

The Air France-KLM Group announced this week that it has successfully completed the acquisition of a 19.9% non-controlling stake in the share capital of SAS AB. This operation follows the receipt of regulatory approvals in Europe and the United States.

In parallel to the financial transaction and as previously announced, Air France-KLM and SAS have signed far-reaching interline and codeshare agreements to connect their hubs and networks. These agreements, which cover reciprocal loyalty program benefits, will enter into force as early as September 1, 2024. On the same day, SAS will join the Skyteam alliance, of which Air France and KLM are founding members.

Benjamin Smith, The Air France-KLM Group CEO said: “We are pleased to have completed this strategic transaction. SAS will enhance the Group’s footprint in the Scandinavian markets. SAS, Air France and KLM customers will now have a larger number of destinations via codeshares. Skyteam will immediately gain a new strategic member.”

This transaction was concluded by the Air France-KLM Group as part of a consortium of investors which also includes Castlelake L.P. on behalf of certain funds or affiliates, Lind Invest ApS, and the Danish State.

The members of the Consortium now effectively hold an aggregate 86.4% stake in the share capital of the reorganized SAS AB (exclusive of the recovery by the Danish State in its capacity as a creditor of SAS and pursuant to SAS’s restructuring plans), having invested $1.2 billion USD in the company, by subscribing for $475.0 million USD of common shares and by purchasing $725.0 million USD of senior secured convertible notes.

The Air France-KLM Group itself invested a total of $144.5 million USD in SAS AB, by subscribing for $109.5 million USD of common shares and by purchasing $35.0 million USD of senior secured convertible notes.

Airbus and partners invest in Sustainable Aviation Fuel financing fund

Airbus, the Air France-KLM Group, Associated Energy Group, LLC, BNP Paribas, Burnham Sterling, Mitsubishi HC Capital Inc. and Qantas Airways Limited co-invested in a Sustainable Aviation Fuel (SAF) financing fund to accelerate the production of SAF.

The corporate partners worked with investment manager Burnham Sterling Asset Management to establish the Sustainable Aviation Fuel Financing Alliance (SAFFA) investment fund in which Airbus is the Anchor Investor. The commitment from the seven partners is amounting to an aggregate of approx. US$200 million.

Each partner brings experience and financial expertise to the fund with the ambition to accelerate the availability of SAF by investing mainly in technologically mature SAF-producing projects using for instance waste-based feedstocks. Investments will be diversified across various SAF's production pathways and also by region.

KLM, Air France and SAS sign codeshare and interline agreements

Starting September 1, 2024, KLM and Air France customers will gain access to 33 destinations in Northern Europe beyond SAS’s hubs in Copenhagen, Oslo and Stockholm 

SAS customers will gain access to 33 European destinations beyond KLM and Air France's at Amsterdam Schiphol airport and Paris-Charles de Gaulle airport;

The interline agreement covers the European network of KLM, Air France and SAS;

KLM, Air France and SAS customers will be able to earn and spend Miles/Points through the Flying Blue and EuroBonus loyalty programmes.

KLM, Air France and SAS announced this week that they have signed codeshare and interline agreements applicable to KLM, Air France and SAS. These agreements also cover reciprocal loyalty program benefits. They will enter into force on September 1, 2024, when SAS officially joins the SkyTeam alliance, of which Air France-KLM is a founding member.

The codeshare agreement will cover a wide range of European destinations. KLM and Air France customers will gain access to 33 destinations in Northern Europe beyond SAS’s hubs in Copenhagen, Oslo and Stockholm. SAS customers will gain access to 33 destinations in Europe beyond KLM and Air France's hubs at Amsterdam Schiphol airport and Paris Charles de Gaulle airportt. Additionally, intercontinental destinations will be added to the agreement in the near future.

The interline agreement will cover the European network of KLM, Air France and SAS, providing customers with extended travel options.

Members of Flying Blue and EuroBonus, the respective loyalty programmes of Air France-KLM and SAS, will be able to earn and spend Miles/Points on all flights operating as of September 1, 2024. Eligible EuroBonus members will also be able to enjoy SkyTeam services and benefits including SkyPriority and lounge access.

Air France-KLM announces the successful issuance of new bonds for a total aggregate amount of €650 million

Air France-KLM announces the successful issuance of new bonds for a total aggregate amount of €650 million.

Air France-KLM (the “Company”) has successfully placed new bonds today, for a total nominal amount of €650 million with a 5-year maturity and a coupon of 4.625% (the “New Notes”) under its Euro 4,500,000,000 Euro Medium Term Note Programme. The New Notes are expected to be rated BBB- by Fitch and BB+ by S&P.

Strong investor demand, with an orderbook above €2.8 billion that covered c.4.3x the size of the bonds, is a testament to investors’ confidence in Air France-KLM.

The Company announced on 13 May 2024 the launch of a tender offer to repurchase the following two series of existing notes in cash:

€750,000,000 1.875 per cent notes due 16 January 2025 (ISIN: FR0013477254) (of which €750,000,000 is currently outstanding) (the “2025 Notes”); and

€500,000,000 3.875 per cent notes due 1st July 2026 (ISIN: FR0014004AF5) (of which €500,000,000 is currently outstanding) (the “2026 Notes” and, together with the 2025 Notes, the “Existing Notes”).

The proceeds of the New Notes will be used to refinance part of the existing debt of the Company by purchasing all or part of the Existing Notes and for general corporate purpose.

An application will be made for the New Notes to be admitted to trading on Euronext Paris.

Air France Industries KLM Engineering & Maintenance have established component support agreement with Hawaiian Airlines

Air France Industries KLM Engineering & Maintenance, world-leading multi-product MRO services provider, is pleased to announce a landmark partnership with Hawaiian Airlines, further solidifying its position as a premier provider of tailored solutions in the aviation industry. This collaboration marks the commencement of a ten-year term contract, with a provision for a two-year extension, encompassing comprehensive component support for Hawaiian Airlines’ newly acquired Boeing 787-9 fleet.

The agreement between AFI KLM E&M and Hawaiian Airlines underscores the dedication to providing outstanding service and support. In this strategic partnership, AFI KLM E7M will offer repair and pooling support for Hawaiian Airlines’ twelve 787-9 aircraft, utilizing its extensive global network. In addition, Hawaiian Airlines will benefit from AFI KLM E&M’ state- of-the-art solution PROGNOS®, Predictive Maintenance for Aircraft, for enhanced operational efficiency and aircraft reliability.

‘We are thrilled to partner with AFI KLM E&M as our strategic 787 component support provider and join their large network of 787 customers’, expressed Jim Landers, Senior Vice President of Technical Operations at Hawaiian Airlines. ‘As a 787 operator themselves, they understand our goal to deliver safe and reliable aircraft to Hawaiian's network for on-time departures. We look forward to them exceeding our expectations.’

Paul-Antoine Vivet, Vice President Sales Americas at Air France Industries KLM Engineering & Maintenance, displayed his enthusiasm regarding the partnership, stating; ‘We are honored to have been entrusted by Hawaiian Airlines as their preferred MRO partner for their 787-9 fleet. This collaboration underlined our relentless dedication to delivering innovative solutions and unparalleled service excellence, further cementing our strong foothold withing the global aviation landscape.’

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Air France-KLM - state aid appeal

 Air France-KLM and Air France confirm having lodged two appeals before the Court of Justice of the European Union of two judgments of the General Court of the European Union rendered in December 2023, annulling a 2020 Commission decision and a 2021 Commission decision which approved various French State aid measures during the Covid 19 crisis.

Air France-KLM reminds that Air France-KLM and Air France have fully refunded all State aid received, in accordance with the applicable legal framework.

HydrogenPro Partner, DG Fuels announces strategic cooperation with Air France- KLM

HydrogenPro's collaborative partner, DG Fuels, recently announced the strategic cooperation with Air France – KLM. The latter has made an investment in DG Fuels "to support the completion of the development work necessary to reach the Final Investment decision".

HydrogenPro's collaborative partner, DG Fuels, announced on Friday, November 10th, the strategic cooperation with Air France – KLM. The latter has made an investment in DG Fuels "to support the completion of the development work necessary to reach the Final Investment decision". The group has invested USD 4.7 million in the SAF (Sustainable Aviation Fuel) producer. HydrogenPro has been contracted as the supplier of electrolyzers for the plant in a potential 500 million USD deal, excluding life cycle services.

In addition to the investment Air France-KLM «acquired an option to purchase up to 25 million gallons / 75 000 tons of SAF annually over a multi-year period beginning in 2029. This option comes in addition to the long-term offtake contract announced by Air France-KLM and DG Fuels last year.

Compared to conventional fuel, the use of SAF can reduce emissions by an average of 80% and is considered more energy-efficient, providing airlines with operational advantages in addition to environmental benefits.

GOL and Air France-KLM sign agreement to extend and enhance their commercial partnership

Air France-KLM and GOL Linhas Aéreas Inteligentes have signed an agreement to extend and enhance their commercial partnership for the next 10 years. Under the terms of this agreement, both parties will grant each other exclusivity on routes between Europe and Brazil and enhance their commercial cooperation. This will result in better connectivity, improved customer experience and more benefits for their respective customers.

Initially introduced in 2014 for a period of 5 years, the commercial partnership between Air France-KLM and GOL had already been renewed in 2019. It covers over 99% of the demand between Brazil and Europe and today one out of every five passengers traveling to Brazil with Air France and KLM connects to a GOL flight. In total, over two million passengers have benefited from the partnership since its introduction.

As part of this renewed partnership, Air France, KLM and GOL will continue investing to further improve their customers' experience and create an even more seamless product. Customers will benefit from an optimized network between Europe and Brazil, spanning over 80 European destinations, 45 destinations in Brazil, and in the future, new destinations across Latin America. The agreement additionally includes expanded code-sharing, enhanced joint sales activities, and more benefits for customers via Air France-KLM's Flying Blue and GOL's SMILES frequent flyer programs.

The enhanced collaboration includes an ambitious expansion of the existing maintenance support by Air France Industries KLM Engineering & Maintenance (AFIKLME&M) to GOL's CFM56 and LEAP engines.

Benjamin Smith, CEO Air France KLM, stated: "South America, and particularly Brazil, is one of the most strategic markets for Air France-KLM. The historical partnership between Air France-KLM and GOL has been instrumental in allowing us to provide our customers with a comprehensive and broad value proposition in the region. Building on what we've already achieved, we are very pleased to extend and deepen this exclusive partnership for 10 more years. This new agreement will allow us to implement the necessary structural enhancements to ensure Air France-KLM and GOL's leadership position between Brazil and Europe."

Celso Ferrer, GOL CEO: "Our partnership with Air France-KLM has provided countless enhancements and benefits for all of our customers and is based on reciprocal trust and admiration of both companies. We are proud to celebrate another decade of partnership, and I believe it crowns a long and successful history by including key elements such as the credit line for engine overhauls. I reinforce that GOL is deeply committed to support and help to strengthen the Brazil-Europe corridor, and we have no doubt Air France-KLM is the best partner to achieve that."

Optimized connections beyond Air France-KLM and GOL's respective hubs in Europe and Brazil

Air France and KLM passengers can connect on GOL flights beyond São Paulo (GRU), Rio de Janeiro (GIG) and Fortaleza (FOR). GOL passengers also have access to Air France and KLM's worldwide networks beyond their Paris-Charles de Gaulle airport and Amsterdam Schiphol airport hubs.

During the winter 23 season, Air France operates 24 weekly flights to Brazil (14 x São Paulo, 7 x Rio de Janeiro and 3 x Fortaleza) while KLM operates 14 weekly flights to Brazil (7 x São Paulo, 7 x Rio de Janeiro).

Air France-KLM and Sabre sign NDC distribution agreement

Air France-KLM and Sabre Corporation, a leading software and technology provider that powers the global travel industry, announced the completion of a strategic multi-year NDC distribution agreement as well as the renewal of their existing EDIFACT agreement. Collaboration between the partners has been extended with New Distribution Capability (NDC) enriched offers, which will be marketed and sold alongside EDIFACT content, through Sabre's global distribution system (GDS). The Air France-KLM NDC offers will be rolled out to Sabre-connected travel agencies in a phased approach next year.

The agreement demonstrates Sabre's continued commitment to driving value and serving the diverse interests of the various stakeholders participating in the global travel marketplace. It helps agencies to efficiently shop and compare increasingly sophisticated offers, while their travellers will benefit from an enhanced experience with more choice and transparency. It also enables Air France and KLM to distribute their customized NDC offers, thanks to continuous pricing and tailor-made bundles, to the global network of Sabre-connected agencies.

"Choosing the right travel technology partners with which to collaborate is essential. Hence, we are pleased to extend our cooperation with Sabre. This will support our travel agent partners to provide the Air France-KLM enriched and attractive NDC offer, giving the travellers a wider range of options to enhance their journey, from start to finish," said Angus Clarke, Chief Commercial Officer, Air France-KLM.

"Our partnership with Air France-KLM reflects our commitment to modern travel retailing and a big step forward for our presence in Europe," added Roshan Mendis, Chief Commercial Officer, Sabre Travel Solutions. "From the beginning, Sabre has been committed to go beyond NDC to help build a new travel ecosystem that is more efficient and personalized, meeting the dynamic needs of today's travellers. We are delighted to bring our customers EDIFACT and enhanced NDC content as we transition to a new world of Offers and Orders."

Air France-KLM to team up with SAS through equity and commercial cooperation

Air France-KLM to team up with SAS AB through equity and commercial cooperation

Air France-KLM to take up to a maximum 19.9% non-controlling stake in the share capital of the reorganized SAS AB, subject to approvals and conditions.

Air France-KLM ambitions to enhance the Group’s footprint in Scandinavian markets through a commercial cooperation between its airlines and SAS AB.

Air France-KLM welcomes the announcement by SAS AB’s Board of Directors that the Air France-KLM Group, Castlelake, L.P., on behalf of certain funds or affiliates, and Lind Invest ApS (collectively, the “Consortium”) have, together, been selected as the winning bidder in SAS’s exit financing solicitation process.

Benjamin Smith, CEO of Air France-KLM stated: “This is an important day for SAS and for Air France-KLM. We are pleased to be part of the winning bidding consortium selected by the board of SAS. Air France-KLM looks forward to establishing strong commercial ties with SAS. With its well-established position in Scandinavia and strong brand, SAS offers tremendous potential to Air France-KLM. This cooperation will allow Air France-KLM to enhance its position in the Nordics and improve connectivity for Scandinavian and European travelers. We look forward to being a part of this new chapter in SAS’ history and thank the board of SAS for their trust.”

As previously expressed, Air France-KLM is determined to play an active role in the consolidation of European aviation. The envisaged cooperation with SAS is one of the components of the Group’s strategic roadmap.

The Consortium’s investment proposal remains to be finalized and is subject to certain conditions and regulatory approvals including, but not limited to, approval by the European Commission, the US court overseeing the Chapter 11 reorganization and, in respect of SAS AB, the Swedish court.

Air France-KLM is launching a global employee share purchase plan

Air France-KLM announced its intention to launch "Partners for the future", an employee share purchase plan offered to around 75,000 eligible employees in 20 countries. The objective of this plan is to strengthen the link between Air France-KLM and its employees by giving them a long-term stake in the Group's objectives, performance and future success.

The offer "Partners for the future" is deployed in Australia, Brazil, Canada, Chile, China, Czech Republic, France, French Polynesia, Germany, Hungary, India, Italy, Mauritius, Mexico, Netherlands, Philippines, Singapore, Spain, United Kingdom and United States of America. Around 95% of Air France-KLM’s workforce will thus have the opportunity to participate.

The proposed shares will be issued as part of a capital increase that may not exceed 3% of Air France-KLM's share capital. This operation is carried out in accordance with the 34th and 35th resolutions of the Annual General Meeting of June 7, 2023.

The offer is made within the framework of the Employee Savings Plan, the Group Employee Savings Plan and the International Group Employee Savings Plan set up by the Air France-KLM group.

Mr. Benjamin Smith, Group CEO, stated: "We are very proud to launch this global employee share purchase plan which reflects our determination to recognize the commitment of our employees to the company. With this plan, we are offering our colleagues an ever-closer involvement in the Group's development, its prospects and the sharing of the value we are striving to create collectively."

Air France-KLM Group names Femke Kroese as General Manager for South East Asia & Oceania.

The Air France-KLM group is pleased to announce that Mrs. Femke Kroese has been appointed General Manager for South East Asia & Oceania.

Mrs. Kroese is responsible for Air France and KLM commercial passenger sales and flight operations throughout the South East Asia & Oceania region (Singapore, Malaysia, Indonesia, Thailand, Vietnam, Philippines, Australia, and New Zealand). She is based in Singapore at the South East Asia & Oceania regional office. 

Speaking of her new responsibility, Mrs. Kroese said, "I am delighted to have moved to this fascinating and diverse region with my family. I look forward to start building on the great work our teams have done over the years, meet our customers and work hand in hand with many partners to develop and look for new opportunities and synergies. We aspire to offer existing and new Air France and KLM customers even more choice, better connections and offer an exceptional, seamless, and memorable travel experience, in a more sustainable way."

Femke Kroese – Biography

Prior to her appointment as General Manager South East Asia & Oceania, Mrs. Kroese was Commercial Director United Kingdom and Ireland Air France KLM. 

She joined KLM in 2002 and held several positions in the Air France KLM group within Sales, Pricing Revenue Management and other Commercial roles while being based in the Netherlands, France, Canada and the United Kingdom.

In 2002, she graduated from the University of Plymouth in the United Kingdom and the Amsterdam School of Business in the Netherlands. Under the 'Erasmus program' these business schools ran a double degree exchange program. 

Air France-KLM and Airbus enter into exclusive negotiations for the creation of a joint venture dedicated to Airbus A350 component support

Air France-KLM and Airbus entered into exclusive negotiations for the creation of a joint venture dedicated to Airbus A350 component support.

This partnership between Air France Industries KLM Engineering & Maintenance and Airbus would entail an optimized commercial offering for customers, as well as the creation of a worldwide pool of aircraft components.

Paris, Toulouse, 04 September 2023 – Air France-KLM and Airbus today announced that Air France SA (“Air France”) and Airbus SAS (“Airbus”) have entered into exclusive negotiations to establish a joint venture for the provision on a worldwide basis of Airbus A350 component maintenance services (supply chain management, repairs, creation of a worldwide pool of aircraft components).

The envisaged cooperation would take the form of a 50-50 joint venture between Air France and Airbus and involve the transfer of aircraft components assets belonging to both partners into the joint venture’s pool.

This joint venture, combining the expertise of Air France Industries KLM Engineering & Maintenance and Airbus, would entail an optimized commercial offering, aimed at better meeting the growing long-term maintenance needs of the Airbus A350 worldwide fleet (more than 1,000 aircraft on order and 550 currently in service worldwide) through enhanced capacity, an expanded global footprint, and the development of innovative solutions to the benefit of the customers.

The objective is for the joint venture to be operational by the first half of 2024 in line with all compliance requirements and subject to approval by all relevant authorities.

Air France-KLM and Apollo Global Management sign a definitive agreement for a €500 million for Air France’s Engineering and Maintenance (MRO)

Air France-KLM and Apollo Global Management sign a definitive agreement for a €500 million quasi-equity financing for Air France’s Engineering and Maintenance (MRO) components activity

Air France-KLM and Apollo Global Management announced that they have signed a definitive agreement for Apollo-managed funds and entities (“Apollo”) to raise a €500 million in financing into an operating affiliate of Air France that will own a pool of components dedicated to Air France’s Engineering and Maintenance activities.

Maintenance | AIR FRANCE KLM

Under this agreement and subject to customary closing conditions, Apollo will subscribe to perpetual bonds issued by this ad hoc operating affiliate and this financing will be accounted as equity under IFRS. The financing’s proceeds will be allocated to general corporate purposes and support future components expenditures related to the maintenance activity.

The perpetual bonds will bear an interest rate of 6.9% for the first 3 years and gradual step-ups and caps will be applied thereafter. Air France will have the ability to redeem them at any time after 3 years.

Air France-KLM Martinair Cargo's Chicago warehouse undergoes a transformation.............

On June 28th, Air France-KLM Martinair Cargo - AFKLMP unveiled its newly configured, renovated warehouse based at Chicago O’Hare International Airport (ORD).

To mark the occasion, let’s take a closer look at this new facility and how it plays into the Group’s larger strategy.

What’s new at the O’Hare airport warehouse?

This €5 million investment – initiated two years ago – brought three major changes to the site’s infrastructure and resources.

First, AFKLMP Cargo increased the warehouse’s capacity by 40%. This means more storage space, fluidity, and efficiency for customers. The expansion also includes 60% more plugs for ACTS containers, which makes possible to handle larger volumes of specialized cargo, including from other airlines.

Secondly, the company updated its operational and safety systems to ensure total compliance and maximum reliability.

And lastly, as part of its commitment to sustainability, AFKLMP Cargo also integrated energy-efficient solutions such as LED lighting and electric forklifts. This comes on top of other sustainability measures already underway, such as incorporating sustainable aviation fuel and renewing the fleet with more efficient aircraft.

Pratt & Whitney and Air France Industries KLM Engineering & Maintenance announce first GTF Engine induction

Pratt & Whitney confirmed this week that Air France Industries KLM Engineering & Maintenance ("AFI KLM E&M"), has inducted its first Pratt & Whitney GTF™ engine. AFI KLM E&M joined the Pratt & Whitney GTF MRO (maintenance, repair and overhaul) network in 2022 with disassembly, assembly and test capability for PW1500G model engines for the Airbus A220 family. In 2021, Air France selected 60 A220-300 aircraft with an option of adding up to 60 more, which are powered exclusively by GTF engines. The airline currently operates 24 of these aircraft, with an additional 37 on order.

"With the induction of our first GTF engine, we're growing our capabilities with today's most advanced technologies," said Anne Brachet, executive vice president at Air France Industries KLM Engineering & Maintenance. "Our ability to overhaul geared turbofan engines strengthens our expertise in the world's most innovative architectures, so we're ready to meet the needs of current and future operators – many of them right here in Europe."

In the last four years, the GTF MRO network has more than doubled in size, and AFI KLM E&M marks the 13th active location. AFI KLM E&M is one of several distinguished providers in Europe supporting GTF MRO work and will become the third facility in the region to provide full disassembly, assembly and test capability for the PW1500G engine.

Air France-KLM, Air France and KLM signed two Revolving Credit Facilities linked to ESG KPIs for a total amount of €2.2 billion

Air France-KLM, Air France and KLM signed two

Revolving Credit Facilities linked to ESG KPIs for a total amount of €2.2 billion

Strong show of confidence from international financial institutions in support of Air France-KLM and its airlines’ financial ESG trajectory

ESG-linked RCFs to align Groups’ financial tools to decarbonization trajectory

KLM cancelled both the remaining direct loan and the existing credit facility guaranteed by the Dutch State.

Following the intention expressed during the presentation of the Group’s Full Year 2022 results on February 17, 2023, Air France-KLM, Air France and KLM have signed two ESG KPI-Linked Revolving Credit Facilities (“RCF”) with a large pool of international financial institutions, for a total amount of €2.2 billion.

Air France-KLM and CMA CGM officially launch their long-term strategic air cargo partnership

A commercial joint-venture that combines both groups’ complementary air cargo offerings with extended freighter capacity, a broader network of destinations and tailormade solutions.

A compelling offering for customers, delivered via an unrivalled distribution network as well as a digital one-stop shop accessible 24/7.

A shared ambition to invest in and shape the future of air cargo with game-changing solutions, focusing on sustainability, smart digitalization, and integrated technologies.

 

Air France-KLM and the CMA CGM Group have launched a long-term strategic air cargo partnership they made public in May 2022. This partnership will have an initial duration of 10 years and will see Air France-KLM Martinair Cargo, part of Air France-KLM Group, and CMA CGM Air Cargo, part of the CMA CGM Group, combine their complementary cargo networks, full freighter capacity and dedicated services to build an even more compelling offering thanks to their unrivalled knowhow and global footprint.

This agreement has received all the mandatory regulatory approvals from the competent authorities*.

Meeting customers’ needs with unique seamless services across the globe

The partnership will help meet customers' ever-increasing need for more integrated and resilient supply chains. It will leverage Air France-KLM’s vast air cargo franchise, experience and capabilities, especially as they pertain to specialized cargo (pharmaceuticals, perishables, express, etc.), backed by a worldwide cargo network and state-of-the-art facilities at its global hubs at Paris-Charles de Gaulle airport and Amsterdam Airport Schiphol. For its part, CMA CGM will mobilize its large commercial network and global logistics platform.

The deal will tap into the groups’ respective strengths to provide customized, agile, efficient, and cost-effective services for customers. The combined offering will allow them to benefit from greater freighter and belly capacity, a more extensive network of destinations, a mix of scheduled and charter flights, improved transit times and flexibility, as well as tailored connections across the world. Customers will benefit from enhanced customer support thanks to a global network of agencies, and a specialized service desk will address specific requirements, including a dedicated BIG desk for large shipments.

Customers will have direct access to a dedicated online platform (“myCargo”) and digital services for easy online bookings available 24/7, as well as expert customer service. Since March 20, 2023, CMA CGM flights are available for booking on myCargo and customers can easily book and combine flights operated by Air France, KLM, Martinair or CMA CGM Air Cargo on this industry-leading digital one-stop shop.

Air France-KLM announced the full repayment of its bank loan guaranteed by the French State

Air France-KLM announced the full repayment of its bank loan guaranteed by the French State (“PGE”), making a final step towards the full repayment of States support liquidity measures.

Air France-KLM has fully repaid the remaining €2.5 billion from its initial €4 billion Bank loan guaranteed by the French State, granted during the Covid-19 crisis.

The Group’s solid cash position combined with the €1 billion proceeds of the Sustainability-Linked Bond issued in January 2023, has enabled to accelerate and close the repayment in full of the outstanding “PGE”.

This full repayment will contribute to smoothing the Group’s debt profile, reduce financial costs and limit residual exposure to floating rates.

In 2022, Air France-KLM recorded a strong rebound of its revenues, an improved operating result and a positive net income resulting in a strong cash position of €10.6 billion by the end of 2022. On the back of this robust operational performance, the Group successfully issued in January 2023 an inaugural Sustainability-Linked Bond for a total aggregate amount of €1.0 billion.

Given this context, Air France-KLM has now reached an agreement with the French State and the syndicate of nine banks participating in the “PGE” to proceed with the full repayment of the outstanding €2.5 billion, as announced during the FY 2022 results presentation on February 17th, 2023. To do so, the Group used the €1.0 billion proceeds of the Sustainability-Linked Bond and €1.5 billion of its available cash. This full repayment will contribute to smoothing the Group’s debt profile, reduce financial costs and limit residual exposure to floating rates, and marks a final step towards the full repayment of the current French State liquidity support measures.

Singapore Airlines named as one of the 50 most admired companies in the world.

Fortune magazine has named Singapore Airlines one of the 50 most admired companies in the world.

The airline said in a statement "We would like to thank our customers for their continuous support, which we do not take for granted. This accolade is a testament to the dedication of our people, who have been critical to our recovery and who strive to exceed the expectations of our customers every single day."

For more details, visit https://bit.ly/3XW3YLP.

Other airlines on the list include Delta Air Lines, Lufthansa, Cathay Pacific, Southwest, Air France-KLM, Alaska Air and United.