10,813.45107.7
Stock Analysis, IPO, Mutual Funds, Bonds & More

Lufthansa, Germany agree on $9.8-billion rescue package

The German Finance and Economy Ministries on Monday said Lufthansa was an operationally healthy company before the coronavirus outbreak, was profitable and had good prospects for the future but had got into trouble because of the pandemic.

Reuters|
Last Updated: May 26, 2020, 12.05 AM IST
0Comments
AP
lufthansa-ap
Frankfurt: The German government and Lufthansa have reached a preliminary deal on a ¤9 billion ($9.8 billion) bailout.

The airline has been in talks with Berlin for weeks over aid to help it to cope with what is expected to be a protracted travel slump, but the carrier has been wrangling over how much control to yield in return for support.

The German Finance and Economy Ministries on Monday said Lufthansa was an operationally healthy company before the coronavirus outbreak, was profitable and had good prospects for the future but had got into trouble because of the pandemic.

Rivals such as Franco-Dutch group Air France-KLM and US carriers American Airlines, United Airlines and Delta Air Lines have also sought state aid. Shares in the company were up 5.5% at 8.48 euros by 1507 GMT.

Lufthansa said that conditions of the deal include the waiver of future dividend payments and limits on management pay.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

Also Read

Pandemic-hit Lufthansa says 22,000 jobs to go

Lufthansa offers to fly in empty, take out fliers back to Europe

European shares near 3-month high; Lufthansa lifts Germany

Lufthansa to ground 150 aircraft due to coronavirus

Vistara and Lufthansa sign codeshare agreement

Lufthansa to cut fleet size, close Germanwings as virus hits

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service