Air France on Tuesday said it would receive a new bailout from the French government worth 4 billion euros ($4.7 billion) to help the beleaguered airline cope with mounting debts as a third wave of pandemic lockdowns around Europe prolong a slump in continental air travel, the New York Times reported. The support comes on top of €10.4 billion ($12.3 billion) in loans and guarantees that Air France and its partner, the Netherlands-based KLM, received from the French and Dutch governments last year.

New proposals to rescue Irish small businesses in the wake of the Covid-19 crisis must focus on those with viable futures, a leading insolvency practitioner has warned, the Irish Times reported. The Company Law Review Group (CLRG) has been seeking views on proposals for a scheme to rescue financially-troubled small businesses that avoids the need for court hearings but, like examinership, gives the enterprise temporary protection from creditors.

D-RT Group, the parent of Dutch tour operator D-reizen, has been declared bankrupt, a court spokesman said on Tuesday, potentially affecting more than 1,000 employees, Reuters reported. The Netherlands has largely avoided corporate bankruptcies during the pandemic as employers are able to receive government support to continue paying employees. “This is a pitch black day for us” broadcaster NOS quoted CEO Jan Henne de Dijn as saying, adding the company, a unit of German firm Raiffeisen Touristik Group GmbH, had been in talks to avoid bankruptcy.

The U.K. government told Britons to hold off on planning foreign holidays this summer, deflating the hopes of an airline industry desperate to get flying again before another high season slips by, Bloomberg News reported. While confirming that restaurants, pubs and shops in England will reopen next week, Prime Minister Boris Johnson said it’s not yet clear that non-essential international travel can resume safely as planned on May 17.

IDA Ireland has clawed back almost € 55 million in grants from multinational companies over a 10 year period,figures provided by Tánaiste and Minister for Enterprise Leo Varadkar show, the Irish Times reported. In a written Dáil reply to co-leader of the Social Democrats Catherine Murphy, Mr. Varadkar confirmed that the largest annual clawback of the grants took place in 2011 when the IDA clawed back €18.7million from 11 companies. This followed the IDA revoking €12.88 million in grants in 2010 from 16 companies as unemployment rates soared.

Increasing the price of metro tickets in June, suspending the 18% wage hike for four months, and cutting the weekend and holiday bonuses are among the main actions pondered by the Transport Ministry to improve the balance of Bucharest subway operator Metrorex by RON 100 million (EUR 20 mln), Romania-Insider.com reported. This way, the company could avoid cash flow problems in 2021, although remaining in the loss area. According to a draft consulted by Economedia.ro, Metrorex estimates losses of RON 230 mln (EUR 46 mln) in 2021, RON 63 mln (EUR 12 mln) more than last year's RON 167 mln losses.

Offshore drilling rig contractor Seadrill has asked creditors to write off more than 85% of its debts in exchange for a 99% stake in the reorganized company, a court filing showed, Reuters reported. The Oslo-listed firm controlled by Norwegian-born billionaire John Fredriksen in February filed for chapter 11 bankruptcy protection in the U.S., the second time it has done so in four years.

France’s economy will rebound less than previously expected this year due to the latest four-week nationwide lockdown aimed at halting a surge in coronavirus cases, Bloomberg News reported. French Finance Minister Bruno Le Maire cut the country’s 2021 GDP growth forecast to 5% from 6%, following an 8.1% contraction last year. A Bloomberg survey in March showed economists were expecting the economy to expand 5.7%.

The French government and the European Commission have reached an agreement in principle on fresh financial support for Air France, which has been hurt by a drop in air travel since the start of the pandemic, Finance Minister Bruno Le Maire said on Sunday, Bloomberg News reported. “It’s very good news for Air France, it’s very good news for the whole French aviation sector,” Le Maire said in an interview on LCI television. “It was a long and difficult negotiation, but I think we’ve reached a good agreement” with EU Competition Commissioner Margrethe Vestager.