After tough negotiations between Brussels, Berlin and Frankfurt of the Lufthansa Supervisory Board by waving the requirements for state aid. The final point of the rescue of the Airline but this is not.
Frankfurt (Reuters) – The Supervisory Board of the hard-hit Lufthansa accepted by the EU-Commission provided conditions for a government rescue package. The airline said on Monday after a meeting of the Board.
Lufthansa has to give up takeoff and landing rights in Frankfurt and Munich. The annual General meeting, but must still agree. The shareholders ‘ meeting according to the notification for the 25. June planned. The formal approval from Brussels is yet to come.
Chairman of the Board, Carsten Spohr, said that the stabilization of the Lufthansa is not an end in itself. “Together with the Federal government, it must be our aim to defend our leading position in the global air traffic. For this perspective, we are all on the stabilization Involved, including our customers, employees and shareholders, be grateful”, is Spohr, as quoted in the message.
the group has come a big step further. In the last Supervisory Board meeting last Wednesday, the Supervisory Board had postponed the decision on the adoption of a state rescue package over nine billion Euro. As a reason the company had could check in Frankfurt possible conditions imposed by the EU Commission in a state aid the takeoff and landing rights at various airports.
The next step is the approval of the annual General meeting on may 25. June to the rescue plan and requirements. This provides that the state’s economic stabilization Fund, signed in the course of a capital increase shares, to a participation of 20 percent of the share capital of the airline to build up. In addition, silent participations out of a total of up to 5.7 billion euros and a credit in the amount of up to EUR 3 billion are planned.
Shortly before Pentecost, was then became known that the Board to accept a previously between Berlin and Brussels have negotiated a compromise on the requirements. This provides that Lufthansa has to give 24 takeoff and landing rights – known as Slots – the most important airports of Munich and Frankfurt to its competitors. But the Go of the Supervisory Board from stand still.
Slots are an important factor in the industry – therefore, the negotiations to this number were hard: Initially, there was talk of 20 planes with up to 80 Slots, then the EU was down to just 50 Slots down. The company had initially offered to waive temporarily on 3 takeoff and landing pairs.
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