9 billion euro bailout to rescue Air France, KLM

French and Dutch governments anunced at least 9 billion euros ($9.7 billion) in bailout money Friday to rescue Air France and KLM, which are fighting for survival as most of ir planes are grounded by virus lockdowns around world.

partner airlines h been negotiating for weeks with ir respective governments, as carriers worldwide are collapsing or seeking government bailouts.

Worldwide lockdowns have upended entire industry, and Air France and KLM said earlier this month that y expect ir joint traffic to be down more than 90% in coming months.

With clear end to crisis in sight, Air France will get 3 billion euros in direct loans from French state and 4 billion euros in bank loans guaranteed by state, Air France-KLM Chief Executive Officer Benjamin Smith said in a recorded statement on Friday.

Smith stressed that in exchange for bailout, Group would work hard to here to government's conditions of profitability and more environmentally sustainable, less polluting policies.

In Nerlands, finance ministry anunced government will provide between 2 and 4 billion euros ($2.16-4.32 billion) to help flag carrier KLM survive devastating impact on its operations of coronavirus crisis.

bailout money for KLM would likely be in form of guarantees and loans to carrier.