The German Lufthansa Group has been provisionally saved from bankruptcy. At a shareholders’ meeting, a support package of 9 billion euros was approved by 98 percent of all shareholders, with which the German state simultaneously takes over a fifth of all Lufthansa shares and is assigned two places on the board.
The money comes from the German economic stabilization fund. Lufthansa was able to request financial support if two thirds of all shareholders agreed.
It did not seem to be the case in recent days, including a large shareholder who announced that he would vote against. However, 79-year-old billionaire Hermann Thiele said on Thursday morning that he was going to vote for it anyway.
The German airline has lost at least 5,000 jobs in recent months, of which 600 pilots, 2,600 cabin crew and 1,500 ground crew. If financial support was not forthcoming, job losses threatened 22,000 of the total 138,000 employees.
The German Minister of Economic Affairs Peter Altmaier considers it important that Lufthansa, although the state is now a major shareholder, continues to operate independently. After the agreement at the shareholders’ meeting, Lufthansa’s share skyrocketed by more than 7 percent.
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