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2020-05-22  12:41

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Lufthansa's €9bn bail out would give government 20% stake


Having claimed it didn't want to deal with the state as a shareholder before, it now appears that Lufthansa could agree to a €9bn bailout that would see Germany take a 20 percent stake in the company. The listed company reported that talks on the matter had reached an "advanced stage." The reported deal would include €3bn in cash from the state bank KfW, while the rest of funds would be taken from the government's economic stabilization fund. While top company executives had already agreed to temporary wage reductions, the deal now being put in place would place limits on management pay. The German state would get two seats on Lufthansa's supervisory board. Roughly 95 percent of the company's 700 planes are currently grounded and the company is bleeding cash -- up to €1m per hour by one estimate.

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