Authorisation for the State to write off claims on Air France-KLM up to €727.8m (2023 deeply subordinated notes)
Article 176 of the 2026 Finance Act authorises the Minister for the Economy to write off, by order, all or part of the State's claims on Air France-KLM or Air France arising from the deeply subordinated notes subscribed in 2023 and charged to the special allocation account "State financial holdings", up to €727.8m in principal, plus accrued interest and ancillary amounts. According to the Government amendment, this write-off implements European Commission decision SA.104957 authorising the State to compensate Air France for damage suffered during the Covid-19 crisis.
Measure originators
A positive amount is revenue or savings for public finances; a negative amount is a cost or lost revenue.
Measure impact
Concerns the Air France-KLM group: the State may waive up to €727.8m of principal, plus interest, on the deeply subordinated notes it subscribed in 2023. The actual write-off is decided by order.
Official references
Sources
Procedure timeline
Follow the progress of this fiscal measure through the different stages of the parliamentary procedure.
Administrative implementation
Entrée en vigueur de la mesure et mise en œuvre par l'administration
Possible referral to Constitutional Council
Décision de conformité / censure partielle
President of the Republic signature
Publication au Journal officiel
National Assembly has the final say
Si échec CMP