Recapitalization of Air France
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We provided economic advice to Air France-KLM during the state aid investigation by the European Commission regarding a recapitalization of Air France by the French State. The recapitalization was made in the context of the COVID-19 crisis and its significant negative effects on the aviation sector. The aid was approved under the condition that Air France would make slots available at the congested Paris Orly airport.
Our team assessed geographic market delineation regarding the Paris airports and Air France-KLM’s respective market positions in these airports based on, inter alia, the presence and proposed services offered by different airlines at the different Paris airports.
The Compass Lexecon team comprised of David Sevy, Miguel de la Mano, Urs Haegler, Thibaut de Bernard, and Alexandre Nouvel. We worked closely with Air France-KLM’s legal advisors, Jacques Derenne and Dimitris Vallindas of Sheppard Mullin, and Faustine Viala and Maxime de l’Estang of Willkie Farr and Gallagher.