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To say that Air France-KLM is troubled is an understatement: its strategic options are few, and none of them may prevent it hurtling to the ground.

This is a massive headache for suppliers and investors, but could also be a great opportunity for rivals of the Franco-Dutch flagship airline.

Mounting debts, countless strikes and a slew of profit warnings have contributed to value destruction, with the shares down more than 35% from their one-year high of about €12 in April 2014. In ...

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