Lufthansa trails backup plans as govt rescue in doubt
Frankfurt am Main: German airline group Lufthansa says it has backup plans ready in case shareholders reject a nine-billion-euro ($10.1 billion) pandemic rescue plan agreed with the state.
Like rival airlines, Lufthansa was plunged into crisis after efforts to contain the coronavirus brought air travel to a near standstill for several months this year. "If the shareholder meeting does not give its approval for the federal government's stabilisation measures, we have made extensive preparations," chief executive Carsten Spohr said in a letter sent to employees Sunday and seen by AFP.
Investors are to meet Thursday to sign off on the rescue that was hammered out in arduous talks with Berlin and which would see the government climb aboard with a 20-percent stake and an option on five percent more. - AFP