The Lufthansa Supervisory Board approved the rescue package negotiated with the federal government for the aviation group on Monday. This also accepted the announced commitments to the EU Commission, as the company announced.
Frankfurt – The Lufthansa Supervisory Board approved the rescue package negotiated with the federal government for the aviation group on Monday. This also accepted the announced commitments to the EU Commission, as Lufthansa announced in Frankfurt am Main. Shareholders should now approve the rescue package at an extraordinary general meeting on June 25.
“It was a very difficult decision,” said Karl-Ludwig Kley, Chairman of the Supervisory Board. “After an intensive discussion, we decided to agree to the Executive Board’s proposal.”
Massive drop in sales due to the corona pandemic
Kley said the supervisory board recommends that the shareholders “follow this path, even if it demands substantial contributions to stabilize their company”. However, it must be said clearly “that there is a very difficult path ahead of Lufthansa.”
The group currently has massive sales declines due to the corona pandemic. In view of this, Lufthansa and the federal government agreed last Monday on a nine billion euro support program. The federal aid concept provides that three billion euros will flow as a loan from the Kreditanstalt für Wiederaufbau (KfW), the remaining six billion euros will come from the WSF.
The Supervisory Board initially had reservations about the requirements of the EU Commission from Brussels, which must give the rescue package the green light. Most recently, the federal government and the EU Commission had agreed. According to the EU Commission, the airline should surrender take-off and landing rights in Frankfurt am Main and in Munich.