Lufthansa shareholders approved a state aid package adoption

Created on 22.07.2020 16:10

Deutsche Lufthansa AG Shareholders voted to accept a € 9 billion financial assistance package from the State Economic Stability Fund. According to the company's press release, the relevant proposal was approved by the necessary majority - more than two-thirds of the votes - at an extraordinary meeting, writes Interfax-Kazakhstan.

Previously, the European Commission (EC) has approved the allocation of 6 billion euros for the Lufthansa recapitalization as part of a financial assistance package proposed by the German Government. This package also includes a government guarantee on a loan of 3 billion euros, its provision will be considered in a separate order. This “significant support,” the EC stated, will support Lufthansa at the current crisis caused by the coronavirus pandemic, which hit the aviation sector most severely.

In addition, it has become known that Lufthansa has agreed with the Independent Flight Attendants Union UFO on a crisis package related to the COVID-19 pandemic, would achieve savings in 500 million euros. Due to these measures, the company expects to avoid the reduction of 22 thousand workplaces during the crisis.

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