Lufthansa can fly with German government assistance. The shareholders of the M-Dax-listed group agreed on Thursday to a 20% capital participation of the Federal Republic of Germany with a majority of 98,04 per cent. The associated aid package of over nine billion euros can now be implemented. Already in the Morning, the competition authorities of the European Union had agreed to the German rescue measures final course. Federal Minister Peter Altmaier (CDU) spoke of a "good news" for the more than 100,000 employees and Germany as a business location.
"In the name of our 138.000 employees I of the German Federal government and the governments of our home countries thank you for your willingness to stabilize us
", said Spohr. "We Lufthansa employees are aware of our responsibility to repay the up to nine billion as quickly as possible to the taxpayers," he added.
The Association stated the Cockpit, the approval of the shareholders allows for "the orderly continued existence of Lufthansa German airlines". The way to save the company was a
a "difficult compromise", but there is "no alternative".
In the struggle for the state rescue package had increased the Lufthansa top up the pressure on the shareholders once again. "We have no more money," said Supervisory Board Chairman Karl-Ludwig Kley at the extraordinary General meeting of the group. Without the support package of nine billion euros, the Airline would have had to sign up Kley, according to "in the next few days" of bankruptcy. After the adoption of the rescue plan Kley said: "We can do it!"
Ryanair announces suit to
to block In the exclusively on the Internet conferred on extraordinary General meeting shareholder Heinz Hermann Thiele refrained from large-scale to the rescue package. Due to the weak participation of the other voting right holder with a presence of 39.3 percent he had with his equity share of at least 15.5 percent chance of a blockage. In the run-up to the billionaire had been very critical of the, in his opinion, to strong state influence.Lufthansa is 1 year, LUFTHANSA -- -- (--) Xetra tradegate London SE Int. Level 1Lang & Schwarz, Frankfurt, Stuttgart, Switzerland OTCSchweiz OTCSchweizWienSchweiz 1T 1W 3M 1J 3J 5J For detail view
in The Morning, had the EU Commission agreed to the rescue plan. As a condition of the competition authorities by that Lufthansa in Munich and Frankfurt must give 24 takeoff and landing rights to competitors. The responsible Commission Vice-President MS Margrethe Vestager said: "as a result, competing aviation companies are given the opportunity in these markets, resulting in fair prices and greater choice for European consumers will be ensured." Competitor Ryanair has announced yet filed a lawsuit against the aid.
The Lufthansa Executive Board, defended the vote, with the Federal government's negotiated package from equity, silent participations and credit as the only alternative. More was not enforceable. The concept meant for Lufthansa in the coming years, significant financial and structural stress, said Supervisory Board Chairman Kley. "For the state, it is a quite lucrative business." Nevertheless, the agreement will give the company space and time, in order to overcome the crisis. Also the shareholders have benefited in the end. Spohr was confident to be able to the deposits and loans on time use. It was also not obliged to credit, and deposits the full amount of retrieve.
Lufthansa had announced for the event of the failure to apply for quick a so-called protective shield proceedings. This mildest Form of insolvency according to German law is already applied in holiday airline Condor, and the Management is free to terminate existing contracts with their own personnel. This is no longer necessary. The calculated Overhang of the Corona-crisis, the company had estimated worldwide 138.000 employees to 22,000 full-time jobs, half of them in Germany.Updated Date: 25 June 2020, 14:19