Sheppard Mullin, Willkie and White & Case advised Air France-KLM on the deal.
Air France-KLM, a leading global player in its principal businesses of passenger and cargo transportation, low-cost operations and aircraft maintenance, secured approval for up to €4 billion in French State-backed aid to recapitalise Air France (Société Air France and its subsidiaries) and Air France-KLM holding company and its subsidiaries, with the exception of KLM and its subsidiaries.
The European Commission concluded that this financial support will help Air France-KLM overcome the impact from the COVID-19 crisis and plan for the future, while maintaining the necessary safeguards to limit competition distortions.
The French State support would be granted in the form of a recapitalisation for a total amount of up to € 4 billion, which includes: (i) the conversion of a € 3 billion French State loan into a hybrid instrument, and (ii) a capital injection up to € 1 billion in which the French State will contribute alongside private participation. This would be the first step of a broader recapitalisation plan in order to strengthen the financial profile of Air France.
The Sheppard Mullin team in Brussels was led by Antitrust and Competition practice group leader Jacques Derenne (Picture) and counsel Dimitris Vallindas, and included associates Ciara Barbu-O’Connor and Julien Blanquart, interns Claire Turgot and Richard Masquelier and former interns Federico Patuelli and Caterina Romagnuolo.
The Willkie Farr & Gallagher LLP team included Lionel Spizzichino, Faustine Viala, Paul Lombard, Maxime de l’Estang, Charles-Antoine Erignac, Audrey Nelson, Batiste Saint-Guily, Virgile Chanel, Ghita Lorabi and Sylvain Petit.
The White & Case team was led by Thomas le Vert and Severin Robillard and included partners Max Turner and Alexandre Ippolito and associates Boris Kreiss, Tatiana Uskova, Paul-Grégoire Longrois and Sarah Kouchad.
Involved fees earner: Ciara Barbu-O’Connor – Sheppard Mullin; Julien Blanquart – Sheppard Mullin; Jacques Derenne – Sheppard Mullin; Dimitris Vallindas – Sheppard Mullin; Alexandre Ippolito – White & Case; Sarah Kouchad – White & Case; Boris Kreiss – White & Case; Thomas Le Vert – White & Case; Paul-Grégoire Longrois – White & Case; Séverin Robillard – White & Case; Max Turner – White & Case; Tatiana Uskova – White & Case; Virgile Chanel – Willkie Farr & Gallagher; Maxime de l’Estang – Willkie Farr & Gallagher; Charles-Antoine Erignac – Willkie Farr & Gallagher; Paul Lombard – Willkie Farr & Gallagher; Ghita Lorabi – Willkie Farr & Gallagher; Audrey Nelson – Willkie Farr & Gallagher; Sylvain Petit – Willkie Farr & Gallagher; Batiste Saint-Guily – Willkie Farr & Gallagher; Lionel Spizzichino – Willkie Farr & Gallagher; Faustine Viala – Willkie Farr & Gallagher;
Clients: Air France-Klm;