Dispute with state participation – Germany saves Lufthansa with nine billion euros prior to the PleiteDie difficult to ailing airline to get to rescue billions in state aid. The EU Commission must approve the Deal.12 Kommentare12Passagiermaschinen Lufthansa were parked on the Grounds of the Berlin-Brandenburg airport.Photo: Tino Schöning/Keystone
After the week-long tug-of-war, the nine-billion Euro rescue package from the Virus-crisis ailing Lufthansa. The German Federal government as well as the Lufthansa management Board agreed, as both sides tell on Monday.
The package is not but still. Because the EU Commission has yet to agree, as the Lufthansa Supervisory Board and the annual General meeting.
Also, from the Swiss point of view, these negotiations are of great interest, the Airline Swiss belongs to the German group. The Federal Council had already made at the beginning of may a aid package in the Form of guaranteed loans for the Swiss, and her sister Edelweiss in the amount of 1,275 billion Swiss francs.
The German government said now that Lufthansa was in front of the Corona-pandemic operationally healthy and profitable and have had a good perspective – but be advised by the current Corona-crisis in a existential plight. The stabilization package carrying the needs of the company, as well as the needs of the taxpayers and the employees of the Lufthansa group, which would be dependent on the receipt of a strong company.
negotiation
the Federal government and Lufthansa have long had negotiated. The Lufthansa was in the Corona-crisis under severe pressure. The airline is threatening within a matter of months, the money going out. The Virus with the following travel restrictions had brought the global air traffic, with the exception of the cargo almost to a Standstill. In the Lufthansa group with approximately 138’000 employees, tens of thousands of jobs are at stake.
“We are extremely grateful for the support of the Federal government in this very difficult Situation,” said Lufthansa Board member, Michael Niggemann, who had led the negotiations. It is now created on the basis that the Lufthansa place, and after the crisis, competitive could economies.
The authoritative German economic stabilization Fund (WSF) had previously approved the package to the rescue of the Lufthansa added. The Federal government had set up this billion-dollar Fund in the crisis, in the emergency of large and important companies to participate.
the participation of 20 percent
Lufthansa said in a mandatory notice to the stock exchange, the Board of Directors in favour of the package. The Fund will contribute silent participations out of a total of up to 5.7 billion euros in the assets of Deutsche Lufthansa AG. It is provided for remuneration. In addition, the WSF will draw in the way of a capital increase in shares, a stake of 20 per cent of the share capital of Lufthansa build.
The WSF could increase its share in the share capital to 25 per cent plus one share – in order to be blocked in the case of a hostile Takeover.
it is also Planned a credit in the amount of up to EUR 3 billion, with the participation of the state Bank, KfW, and private banks with a maturity of three years. It should be according to the communications conditions, such as a waiver of any future dividend payments and restrictions on management compensation. In addition, two seats on the Supervisory Board should be occupied in consultation with the Federal government. On state entry, and the associated influence there had been the most contentious.
demands of the EU-Commission
The last hurdle is the European Commission, which is examining the case of state aid, whether it comes to distortions of competition in Europe. When it comes to climate protection, the Lufthansa has to promise to reduce emissions through the purchase of new fuel-efficient aircraft, what they already intended.
The discussions with the EU Commission, according to the Federal Economics Minister Peter Altmaier on high tours. An EU spokeswoman said the authority was aware of the precarious situation of the aviation industry as a result of the pandemic aware of. An Insider said that the EU will demand that the Lufthansa to give up part of their takeoff and landing rights at major airports.
(SDA, REUTERS /aru)
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