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Classics The former boss of Air France fears an increase in bankruptcies

18:25  20 november  2020
18:25  20 november  2020 Source:   20minutes.fr

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L’ancien patron d’Air France craint une multiplication des faillites © Pixabay The former boss of Air France fears an increase in bankruptcies While they have already received $ 160 billion in aid from governments, airlines will need 70 to 80 billion more aid, warns Alexandre de Juniac, director general of the international association of air transport (Iata) and former director general of Air France.

In the absence of massive additional aid, bankruptcies are likely to multiply in air transport, warns the former manager of Air France , Alexandre de Juniac . Airlines will need $ 70 billion to $ 80 billion in additional aid from governments to survive the cash-draining Covid-19 crisis, said the chief executive of the International Air Transport Association (Iata ) at La Tribune. The sector has already received 160 billion dollars in aid from governments but "for the next few months, the industry's needs should be evaluated at 70 to 80 billion dollars in additional aid. Otherwise companies will not survive. not ", estimated Mr. de Juniac in an interview on the occasion of the" Paris Air Forum ", a meeting dedicated to air transport.

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"The longer the crisis lasts, the more the risks of bankruptcy become clearer," said Mr. de Juniac. "Nearly 40" companies are "in very great difficulty or in the process of safeguarding or bankruptcy". Since the start of the new coronavirus crisis, which ground almost the entire world fleet to the ground for several weeks in the spring, governments have provided aid to companies in various forms (loans, direct aid, aid for maintaining the economy). employment...).

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But with the emergence of the second wave of coronavirus, traffic is struggling to restart and companies will continue to record losses. It is likely that they will approach this year "the 100 billion rather than the 87 billion previously announced", according to Mr. de Juniac. Asked about an consolidation of the sector, the boss of Iata notes that for this it would be necessary "for the companies to have the means to redeem each other" while "they are in survival mode".

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Ultimately, however, he deems "probable" that there are "fewer players, due to bankruptcies, and that these players will be a little smaller, because 'they will have been forced to shed a large part of their fleet or to close roads, or to have more limited flight programs. "We will have smaller players, but probably quite muscular, dynamic, ready to leave. And if they leave, I think the recovery will be quick and strong," he adds. The Iata meets from Monday for the Annual General Meeting of the organization, which brings together 290 airlines around the world.

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