Consequences for the Swiss? – Lufthansa-rescue threatens to fail due to the largest single shareholder, Investor, Heinz Hermann Thiele, the billions of dollars in rescue is open to question. The German government does not want to have to renegotiate. Jens Flottau Frankfurt, Cerstin Gammelin Berlin2 Kommentare2Geparkte aircraft of the Lufthansa on the Willy Brandt airport in Berlin. The rescue of the mother of the Swiss has once again become uncertain.Photo: Sean Gallup ()

The government rescue of the Lufthansa surprisingly, again the question, what is threatening to have an impact on the Swiss. The largest single shareholder, the Munich-based entrepreneur Heinz Hermann Thiele, said entry is critical to the planned state and demanded new talks. Subsequently, Lufthansa warned that restructuring could fail – then the airline must apply for a bankruptcy procedure.

In the coming week to sign off on the Lufthansa shareholders at an extraordinary General Assembly of the state of entry. In a dramatic appeal, the company asked the shareholder, exercise your vote.

The fronts seem hardened. Because the Federal government reject new negotiations and talks on the 9-billion-Euro package. “We have found a well-balanced solution. Many of them have attested to. I hope, therefore, that there is a good decision of the shareholders. I’m set now,” said the German Finance Minister, Olaf Scholz. Follow-up negotiations, he concluded: “This is a negotiation. Point.” Also, the EU Commission approved with minor conditions.

“The Lufthansa needs for rehabilitation and recovery, no state involvement.”

Heinz Hermann Thiele, the greatest of Lufthansa’s single shareholder,

“The Lufthansa needs for rehabilitation and recovery, no state participation. If the Federal government helps, then you should make the minimally invasive and does not consider all possible Rights to the melodies,” had Thiele said previously, the “Frankfurter Allgemeine Zeitung”. He is the main shareholder of the company, Knorr-Bremse and Vossloh and has increased his shares to Lufthansa last from 10 to 15 percent.

He sees the state’s share of 20 per cent as a Problem, could increase under certain conditions. Thiele emphasised, however, that he did not want to block “or brakes”, but talk about Alternatives. He did not specify whether he will accept the bailout package or not.

The Problem is that Thiele could prevent the General Assembly with a no at the expected low presence of other shareholders in the planned rescue. In this case, a bankruptcy-law protection proceedings threatening “promptly” to the General Assembly”,” said Lufthansa.

The shareholder’s meeting, on 25. June should take place virtually, you must agree to the aid package, two-thirds of the participating capital. However, attended the last annual Meeting on may 5. In may, only 33 percent of the shareholders part. The Executive Board of the Lufthansa believes that this Time will be in spite of the dramatic situation, less than 50% of present, then a two-thirds majority is necessary. Thiele could override with its 15 per cent stake, therefore, with no mathematically to the rescue once again. Only with a presence of more than 50 percent, a simple majority is sufficient.

liquidity is sufficient only up to July

Lufthansa a protective shield proceedings would have to, according to their own information – a variant of the insolvency request, if the package in the General Assembly falls through, and “is it, then, without delay, to a different solution”. The time is made short, because Lufthansa is of the Corona-crisis, a large part of the aircraft is on the ground. The group can be required at the end of April, a liquidity of around 4 billion euros, of which 1.8 billion euros, but by the customers due to cancelled flights back. Monthly Lufthansa burns currently 800 million euros. Thus, the money expected to be until July.

A protective shield procedure is a special case of the German insolvency law, which is intended for actually healthy companies that are at fault in Need. Lufthansa had prepared a insolvency for months, in the event that the state rescue package does not materialize. The Management would, under the supervision of a Trustee in the business – the company could dispose of in the large style of old debts, and collective bargaining agreements re-negotiate. All of the pre-bankruptcy ticket would lose its validity. Also, the shareholders would lose most likely everything.

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