French Minister Warns Air France Will "Disappear" Unless Crisis Stops

Anna Jefferson
May 7, 2018

Paris - Air France KLM shares slumped on Monday after the company's CEO said he would resign following the rejection of a pay deal by the airline's staff.

In a statement on Friday, CEO Jean-Marc Janaillac said he would quit in mid-May after tens of thousands of French staff and pilots voted against a multi-year pay offer.

The government said the French state, the largest shareholder with a 14 percent stake, will not bail out the airline.

Air France-KLM's board is set to announce an "interim governance solution" on May 15 following Janaillac's departure.

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Over the first quarter of 2018, the company posted €269 million in losses, up from €33 million during the same period a year ago. While nearly all long-haul flights are predicted to operate, one in five medium-haul services from Charles de Gaulle airport in Paris won't, with short-haul trips from Orly also affected.

It's estimated that the long-running dispute has so far cost the airline around 300 million euros.

Back in 2015, protesters ripped the shirts off Air France executives after the company revealed plans to cut thousands of jobs.

Air France-KLM is one of Europe's unique aircraft, however, has seen a progression of strikes as of late.

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Air France-KLM (OTCMKTS:AFLYY) has been assigned an average rating of "Hold" from the eight research firms that are now covering the stock, reports.

The Air France turmoil has coincided with other strike action in France where rail workers press on with rolling stoppages to protest President Emmanuel Macron's planned overhaul of SNCF, the state-run train operator.

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