French minister warns Air France

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Paris - Air France KLM shares slumped on Monday after the company's CEO said he would resign following the rejection of a pay deal by the airline's staff.

The warning follows the resignation of Air France CEO Jean-Marc Janailla on Friday, which signals the suspension of negotiations until new management is appointed.

The survival of strike-hit Air France is to be decided, as indicated by the nation's economy serve.

Air France-KLM (OTCMKTS:AFLYY) last released its earnings results on Friday, February 16th.

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 said, ruling out any government intervention to cover the company's debts.

Unionised staff are set to walk out for the 14th day on Monday as they press for a 5.1-percent salary increase this year as the company recovers from years of losses and restructuring. The firm had revenue of $7.34 billion during the quarter, compared to analysts' expectations of $8 billion. equities analysts predict that Air France-KLM will post 2.71 EPS for the current year. While nearly all long-haul flights are predicted to operate, one in five medium-haul services from Charles de Gaulle airport in Paris won't, with short-haul trips from Orly also affected. Strikes have already cost the company €300 million.

Le Maire said French taxpayers won't bail the company out.

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

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