Prior to the annual General meeting: the hooks of The Lufthansa-rescue

Come on Thursday to the rescue? Or it fails? Prior to the annual General meeting of Deutsche Lufthansa, the fear of the consequences to grow under 138,000 emplo

Prior to the annual General meeting: the hooks of The Lufthansa-rescue

Come on Thursday to the rescue? Or it fails? Prior to the annual General meeting of Deutsche Lufthansa, the fear of the consequences to grow under 138,000 employees, if the state aid package office entry of the Federal government missed the necessary majority among the shareholders – and therefore falls through. Because almost sure is that the group filled syringe without money in the billions, not to a future course will go. "This would mean that the German Lufthansa would possibly request in a timely manner for the annual General meeting insolvency and legal protection proceedings, if it comes immediately to a different solution," warned the group already.

Timo Kotowski

editor in the economy.

F. A. Z.

Still, the hope is that Lufthansa-a major shareholder Heinz Herrmann Thiele agrees to the bailout package remains. Even an abstention would not endanger the progress. However, with a refusal, he would delay the proposed rescue procedure. Under the to participate in the annual General meeting, the logged-in votes Thiele had with its 15.5-percent share package in a sufficient proportion to prevent the necessary two-thirds majority.

it is Unlikely that Lufthansa would immediately rush after the meeting, to the competent district court to apply the protective shield proceedings. You've made the case for "extensive preparations", tried CEO Carsten Spohr to reassure employees in a letter to Employees. The group's leadership would use the remaining time to the application of the procedure, "to discuss with the government options," wrote Spohr. The next timely salary payment to flight attendants, pilots and ground staff do not need to fear. Lufthansa has brought forward the payment and the money from the existing liquidity on Monday instructed.

"novelty in the recognized legal practice"

For the greatest discussions on the rescue package for the financially smallest part of provides. Just 306 million Euro out of a total of 6 billion euros, plus up to 3 billion euros in credit will flow to the group, if the Federal government shares to be issued, with 20 percent through the purchase of a new Board. The state's economic stabilization Fund would purchase, in accordance with the framework agreement of the Federal government and the group the shares at the lowest possible price, the par value of a share of 2.56 euros. On the stock exchange of the shares currently cost more than three times.

the Fact a shareholder in Thiele is hampered by the large. "We are not talking here of an ordinary capital increase of about 10 percent under exclusion of the subscription right; it is an increase of 20 percent! This is an absolute novelty in the existing recognised legal practice,“ he said in an Interview with F. A. Z. observer this Statement as an indication that he has legal doubts as to the construct.

Painful for current shareholders, as Thiele is, in fact, that you are expected to buy in accordance with the agreement, no new shares in order to prevent the dilution of their participation. Lufthansa has obtained rights Council, concerns to prevent. The result: The exclusion of the purchase right was not necessary since the group would otherwise, the entire money required. "Without this investment the economy would not have granted the stabilisation Fund the stabilisation measures for a total amount of 6 billion euros," warns the Executive Board to Spohr, the shareholders.

Updated Date: 23 June 2020, 08:19

You need to login to comment.

Please register or login.

RELATED NEWS