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Saturday, July 9, 2022

KLM pays off last part of corona debt

KLM has repaid the Dutch government its remaining corona debt of 277 million euros. This indicates the airline Thursday† KLM was able to borrow a total of 3,4 billion euros from the Dutch government and banks during the corona pandemic, but only used 942 million euros. The airline had 5.5 years to pay back the loan, but did so in just two.

In May and June, KLM, a Dutch government-owned company, repaid 311 million euros first, followed by 354 million euros. According to KLM, after the first two payments, all loans with banks had been repaid. The company no longer owes the Dutch government any corona.

KLM states that it maintains the option to borrow the remaining 2,4 billion euros from the Dutch government and banks. This amount is comprised of 1.74 billion euros from banks and 723 million euros from the government. The airline has made this decision in part due to high inflation and rising costs, as well as the uncertainty caused by the coronavirus and the conflict in Ukraine.

The company stated that it was able to make the payments due to, among other things, the departure or termination of 6,000 employees, the reduction of costs, the elimination of travel restrictions, and the increase in demand for airline tickets. Comparing the first quarter of this year to the first quarter of the previous year, KLM’s revenue increased by more than twofold. In the first quarter of 2012, revenue totaled 930 million euros. This year, there were nearly 2 billion.



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