German government reached a deal on Lufthansa rescue

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The German government and the European Commission reached a deal on Friday about German state aid to Lufthansa. The airline’s board of directors announced in a statement on Friday evening that it agreed to the conditions.

According to Bloomberg news agency, the deal agreed that Lufthansa will reduce the number of planes it has at Frankfurt and Munich airports. The airline must also relinquish a number of slots at the airports (the period of time within which an aircraft may take off or land at an airport). It concerns eight devices and 24 slots.

Germany wants to save the ailing Lufthansa by taking a 20 percent stake for 6 billion euros and guaranteeing a loan of 3 billion euros. The European Commission previously gave the green light for that plan, but under the conditions that Lufthansa submits a number of slots.

The Lufthansa supervisory board also has to agree to the aid package. The Supervisory Board was bothered earlier this week because it found the conditions of the European Commission indigestible. Lufthansa says that Brussels now has fewer requirements than it originally did. Once the supervisory board has given its approval, the shareholders must also agree to the support package.

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Leah Kunze

Leah Kunze just graduated MBA and is proud of it. She is interested in automotive industry and innovations. She well be glad to receive a mail to [email protected]

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