Air France In Trouble

07 May, 2018, 16:27 | Author: Corey Lynch
  • United we stand Alex Ferguson transformed Manchester's Red Devils

ValuEngine lowered shares of Air France-KLM (OTCMKTS:AFLYY) from a buy rating to a hold rating in a research note published on Friday morning.

Shares in Air France fell 14% in early Monday trading, reacting to the latest events at the troubled airline.

France's economy minister yesterday warned that the survival of Air France was now in the balance.

Monday's strike prompted the cancellation of roughly 1-5 percentage of Air France flights globally.

On Sunday, Mr. Le Maire disclosed to French news channel BFM: "I approach everybody to be mindful: group, ground staff, and pilots who are requesting unjustified pay climbs".

"Air France will disappear if it does not make the necessary efforts to be competitive", he warned.

Air France-KLM boss Jean-Marc Janaillac announced his resignation Friday after staff at the carrier's French operations rejected a pay deal aimed at ending months of walkouts.

Over the first quarter of 2018, the company posted €269 million in losses, up from €33 million during the same period past year.

Until new management plans are in place, Air France executives lack a mandate to continue negotiations with unions, prolonging the dispute.

Apart from the French government, other big investors in Air France-KLM include Delta Air Lines and China Eastern Airlines, which each own a stake worth 8.8%, according to FactSet data.

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.

"Air France is fragile, but all the airlines are fragile", said air industry expert Gérard Feldzer.



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