Lufthansa boss Spohr is playing with a weak hand

The price for a maximum dose of state aid is too expensive for him. Berlin is said to have demanded 25% state participation, blocking minority, two AR seats and an interest rate of 9%. Unacceptable for Spohr. He wants the federal government as a silent owner with minimal say in order not to put himself in political constraints.

Now he is playing poker. But the “threat” of a protective shield procedure cannot be more than bluff. The negotiations are about a rescue operation that will secure and reposition the crane for years to come. A bankruptcy on your own cannot offer this security. Spohr would have to pull a restructuring plan out of the hat within three months (until the application for bankruptcy), which leaves the federal government out of the picture. Hardly feasible. Spohr recently admitted that he was dependent on billions of states. Especially since it is unlikely that global travel restrictions will be lifted completely in three months.

Normal operation would be essential for a restructuring plan without a federal government caliber. Spohr is also likely to encounter headwinds internally. The partners usually have to agree to a protective shield procedure. In addition, AR and shareholders would then lose any influence on economic decisions. A high price and many imponderables, although a safe lifeline from the federal government is within reach.

The state will not give the hoped-for blank check, but the minor evil is not a protective shield procedure. Spohr knows that. Nevertheless, he will shag for a while.

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