Kenya Airways, which reported a record loss in its year ended March, may require a $500-600 million bailout, the Kenyan finance minister said on Tuesday.

Profit at the carrier, which is part-owned by AirFrance-KLM, lost 29.71 billion shillings ($294.30 million) before tax during the year. Debts climbed and shareholder equity turned negative.

The losses were driven by a slump in Kenyan tourism caused by frequent Islamist militant attacks, at a time when the carrier had taken on debts to buy new planes.