Börse Express – Rescue package planned for Lufthansa

(new: top talk not officially confirmed)

BERLIN (dpa-AFX) – A multi-billion dollar rescue package for the
ailing Lufthansa gets closer. In which
Package is about a volume of nine to ten billion euros,
the German press agency found out at the weekend
Government circles. Shortly before the decision is made there are also new aids
for the holiday pilot Condor.

At Lufthansa, it is open in what form the federal government does this
Dax Corporation helps and how much say they have
Have policies in the event of temporary government involvement
should. There are different positions in the coalition.

As dpa found out, negotiations are under high pressure. It should
give high-level talks next week. A
Chancellor Angela Merkel (CDU) had a great talk
Federal ministers and Lufthansa boss Carsten Spohr earlier this week
was not confirmed in the Chancellery on Sunday. It was said further to
Talks of the Chancellor are basically no information. in the
Federal Ministry of Economics also became a ministerial meeting
not confirmed.

The dpa had previously learned from government circles that it should begin
Chancellor Merkel, Finance Minister Olaf talked to the week
Scholz (SPD), Minister of Economy Peter Altmaier (CDU),
Minister of Transport Andreas Scheuer (CSU) and Spohr. Previously had
the “Bild” newspaper reports that such a top talk is in
Planned soon.

Lufthansa is in trouble because of the massive flight cancellations
devices. The company had announced on Thursday that it would be
can no longer save from the corona crisis on their own.

The state could now join Europe’s largest aviation group
support fresh equity or loans. A model could
be a so-called silent participation of the federal government. The shares
would either have fixed interest or a dividend would flow. A
However, the federal government would not have voting rights.

The federal government had decided on a stabilization fund
with which the state addresses companies in the Corona crisis if necessary
can participate. However, the fund is not yet ready for use. The
Federal government is working on a legal regulation with exact
Criteria. The EU Commission has to agree. This was because of the
large volume again for a Lufthansa package, as in
Berlin means. Requirements would be conceivable.

There are disputes about the form of state aid for the airline
black-red coalition. SPD parliamentary group leader Rolf Mützenich rejects one
silent participation. “When companies like Lufthansa come out
Taxpayers’ money must receive billions of euros
Participation rights for the federal government should be guaranteed, “he said
“Image” newspaper. “That is out of responsibility for them
Employees essential. “

In contrast, Union faction vice Carsten Linnemann (CDU) said
“Handelsblatt”: “Should the state participate directly and
Politicians then influence business decisions
this must be justified very well. I haven’t had one yet
such a reason. “Even with a silent participation
Lufthansa abide by the rules of the stabilization fund,
such as when paying dividends. To prohibit them
the state does not need a seat on the supervisory board.

Lufthansa CEO Spohr has already opened the airline’s staff
hard times attuned. He announced a downsizing of the fleet
assumed that the company had a mathematical surplus of 10,000
Employees. “But we will continue to do everything we can, so
to keep as many employees as possible on board, “said Spohr on
Friday in an internal message to the employees.

So far, Lufthansa had mentioned the number of 7,000 jobs that
could disappear due to the crisis. Among other things, the operation of the
Society “Germanwings” will be discontinued. Before the outbreak
Pandemic had the largest aviation group in Europe around the world
130,000 employees and 760 aircraft. The group planned
Even before the Corona crisis, the sale of the LSG Sky catering division
Bosses with around 35,000 employees worldwide.

Meanwhile, a decision on new state aid was made promptly
expected for the private holiday pilot Condor. The federal government
wants to expand the credit line for society, but it has to
the EU Commission agree.

The new rescue of the Condor was in the course of the Corona crisis
became necessary: ​​The Polish aviation holding company PGL had the
Takeover of the German leisure airline already agreed in January
canceled due to own problems. The Frankfurt company Condor
with around 4900 employees and more than 50 aircraft
Bankruptcy of the British parent company Thomas Cook in September 2019
went into a protective shield procedure and was renovated there.

Condor had one from the federal government and one for support in autumn 2019
State of Hesse guaranteed a bridging loan of over 380 million euros
to get. This is said to be with a new one
Financing to be supplemented. A new target is the target
Credit line of 550 million euros.

In other countries, airlines also get state-owned companies
Support. The aviation group Air France-KLM
with government grants from France and the
The Netherlands is expecting nine to eleven billion euros. / Hoe / DP / he

 ISIN  DE0008232125  FR0000031122

AXC0083 2020-04-26 / 17: 29

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