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   AVIATION      Aviation echo, airline-related news      717 messages   

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   Message 229 of 717   
   Aviation HQ to All   
   Lufthansa in trouble   
   28 Apr 20 14:08:04   
   
   MSGID: 2:292/854 110a2c21   
   The German government will help Lufthansa with nine billion euros in state   
   aid. In return, the government will receive a blocking minority interest and a   
   seat on the supervisory board. Business Insider reports this on Tuesday.   
   Reuters reported moments later that there is no final agreement yet.   
       
   Lufthansa and representatives of the German government are said to have   
   reached an agreement on Monday for the emergency aid package. According to   
   Business Insider, CEO Carsten Spohr wanted to seal the deal on Tuesday with   
   Chancellor Angela Merkel and Finance Minister Olaf Scholz, but according to   
   Reuters, that is uncertain because no final agreement has yet been reached.   
       
   Due to the corona crisis and global travel restrictions, Lufthansa has the   
   majority of the fleet aground. The company is currently losing approximately   
   one million euros per hour. Without state aid, the company would go bankrupt   
   within a few weeks.   
       
   Last week, Lufthansa Group already announced its urgent need for state aid   
   when presenting the quarterly figures. The Lufthansa Group lost 1.2 billion   
   euros in the first quarter on sales that decreased by 18 percent to 6.4   
   billion euros. In March, sales even fell by 47 percent.   
      
   --- D'Bridge 4   
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