Lufthansa agrees to rescue package

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The board of the airline Lufthansa no longer opposes the conditions of the European Commission for the rescue package.

The ailing airline is hit hard by the corona crisis and loses about 800 million euros a month. That did not stop the German government and Lufthansa from spending weeks bragging about a 9 billion euro rescue package for the ailing airline. The government would take a 20 percent stake in the capital for 6 billion euros and also guarantee a loan of 3 billion euros.

When an agreement finally came out on Monday, the European Commission appeared to be in the way. This imposed additional conditions on Lufthansa to prevent the Lufthansa group, which is dominant in Germany, from further restricting competition.

The Lufthansa board of directors therefore decided earlier this week not to approve the agreement. But on Friday the board of directors nevertheless tacked.

The Commission, for its part, had also added water to the wine and weakened its original conditions somewhat. Those conditions concerned the number of landing rights that Lufthansa’s competitors would receive at Munich and Frankfurt airports. Because at such home bases of the German aviation organization, competitors such as Ryanair hardly get a foothold.

In concrete terms, the compromise consists in giving the airline a total of eight aircraft and the 24 associated slots.

As long as there was no white smoke for Lufthansa, no solution was expected for Brussels Airlines either. Lufthansa’s daughter asks for at least 290 million euros in state aid from the Belgian government to survive the corona crisis. The government does listen to this, but in return also wants guarantees from Lufthansa that the investment promises are kept – possibly through a participation.



Source link
https://www.standaard.be/cnt/dmf20200530_04976577

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