Good news for Lufthansa in the last weeks rather scarce. The corona crisis created to pay for the collapse in the booking, which had a direct impact on the structure of the group. The subsidiary Germanwings was dissolved hand, the holiday airline SunExpress also densely made. But now there is also good news for a change. And not once, but twice. Because Lufthansa could not negotiate a comprehensive savings program with the cabin staff, the billion heavy rescue package of the German government can come in. It gave on Thursday the green light by the shareholders.
the cabin staff agreed to large-scale austerity measures to
With the Independent flight attendants ‘ Union, UFO, was able to communicate Lufthansa on a package of measures to tackle the economic impact of the corona crisis complete. It has a volume of more than half a billion euros, says a press release from the Airline.
The flight attendants and flight attendants of Lufthansa not only to an increase in their remuneration. You accept even a reduction in your pay, you must work for less. Temporarily, the contributions to the occupational pension will be reduced. Part of the cabin crew is also eliminated by early retirement, working voluntarily less or take unpaid leave.
the aim of these measures is to avoid operations-related redundancies in the cabin of Lufthansa. Here, 22,000 people are currently working with. Nicoley Baublies, the chief negotiator for the UFO, says: “The was the conclusion for cabin staff of German airline Lufthansa is bringing the much-needed job security.” Despite the cuts to the social partnership “is finally visible on a new Foundation.” The UFO-all members must agree to the agreement yet.
Lufthansa’s rescue package of the Federal government
a Second important Signal for the entire Lufthansa group, can come: At an extraordinary General meeting of the Airline on Thursday, the nine-billion Euro heavy rescue package of the German government waved through was. It consists of loans and other financial aid. The majority of the voting shareholders spoke out for the rescue of Lufthansa in the Form of a participation by the German state in the company.
After more than six hours and more than 600 questions submitted to the Board of Directors for more than 98 percent of voting shareholders voted for the rescue plan. So a week is over-long nail-biter for Lufthansa first. The Lufthansa share was encouraged by the result, only short. After an interim High on 10,98 Euro, listed on the paper in the evening around the 10 Euro threshold.
a major shareholder Heinz Hermann Thiele, a businessman from Munich, in the run-up to its consent to the public in a newspaper interview in question, also gave the green light. He currently owns about 15 percent of Lufthansa and could propel the Airline with a Veto in the insolvency.
Thiele interferes with, among other things, that the Federal government in the future, 20 per cent of the Lufthansa owns shares, and this share to 25 percent plus one share can increase. Thus, the German state would be able to block decisions of the Lufthansa management. A lot of great influence, had criticized Thiele and Lufthansa accused the state aid to poorly negotiated.
Lufthansa takes time to healthy
Lufthansa Board member, Michael Niggemann stressed on Thursday but that is to be expected from the German Federal government has no influence on operational decisions. In addition, Lufthansa wants to have repaid the loans granted by the end of 2023 in full. If this succeeds, the German state will return its shares again. Whether this can actually succeed by the end of 2023, is at least questionable.
the importance of the rescue package for the crane Airline is made by the Supervisory Board Chairman Karl-Ludwig Kley at the beginning of the annual General meeting: “We have no more money,” said the chief overseer with clear words. Per hour, the Airline is losing about a Million euros. One way or the other will have to Lufthansa “strong restructuring.”
group CEO Carsten Spohr said: “The consequences of the crisis will have an impact for years to a negative impact on Lufthansa.” This also includes “painful austerity measures, according to him.” With other words: where it is necessary, be cut back. Negotiations with the Verdi Union, which represents the ground staff of the airline, designated the company’s chief Executive as “slow”.
the Green light from the EU
From the EU Commission, meanwhile, do not expect any hurdles. You approved as early as Thursday morning, the rescue package by the Federal government. However, Lufthansa has to give up at the airports of Frankfurt and Munich for up to 24 takeoff and landing rights (Slots) to competitors. In order for Lufthansa to competitors at the two speeds, the possibility of crossing to be created, to build their own bases with up to four aircraft. What Airlines could come into play is still unclear.
Margrethe Vestager, Vice-President for competition policy said, according to the EU communication, the nine-billion-Euro Lufthansa will help you to survive the corona of a crisis. She stressed on Thursday explicitly that Lufthansa plays an important role in the German economy. In particular, because you have an extensive domestic network of essential connectivity services. Additional the Lufthansa Group secure international Connections by network carriers. And the air freight does not contribute significantly to the external trade, but keep in the current difficult times, a stable flow of goods for all citizens.
Ryanair announces action on
Unmade threatens from elsewhere: Ryanair has announced a lawsuit against Lufthansa state aid. The fair competition was undermined by the financial assistance of the Federal government. Ryanair boss Michael O’leary bezichnete the approval of the rescue package for Lufthansa as a “betrayal” of the fundamental principles of EU Law.
This article was written by Hayo Lücke
*The article “Lufthansa: The crane flies in the face of an uncertain future,” published by Inside Digital. Contact with the executives here.
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