After the green light of Lufthansa shareholders for the state bailout package, the airline can quickly access the billions in aid.
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“The money from the Kfw loan should flow as quickly as possible,” said a company spokesman on Friday. Elsewhere it was said that the technical implementation should take a few more days. It was also a large syndicate of banks, said.
The “Spiegel” had reported that the government made part of the total of nine billion euros immediately available. Accordingly, the German Ministry of Economic Affairs has already arranged with KfW that the agreed three billion euro loan can flow immediately. The state development bank did not comment on this, and the ministry was initially unable to obtain an opinion.
Lufthansa shareholders gave the green light for the state rescue package at an extraordinary general meeting on Thursday. It consists of up to three billion euros in loans from the state development bank KfW, 5.7 billion euros in silent participations by the federal government and a roughly 300 million euros, 20 percent share package.
This has also given the Lufthansa subsidiary AUA a sigh of relief, because the approval of the Lufthansa owners for the rescue package was a prerequisite for the state aid in Austria to flow to the AUA. Politically, only the green light from Brussels is now pending for the AUA aid package, said an AUA spokesman on Friday when APA asked. This should be done “soon”, and Lufthansa was quick too. In addition, some of the political agreements are still to be poured into concrete text, but no stumbling blocks are expected here.
The AUA should receive 600 million euros, was announced on June 8. The Republic of Austria and the owner Lufthansa each contribute EUR 150 million. There is also a € 300 million state-guaranteed bank loan. A minimum flight price is coming. A savings package was also agreed with the workforce.
The AUA mother Lufthansa is currently still negotiating with the unions to cut costs. Lufthansa has already agreed on a savings package with the flight attendants’ union UFO. This includes four-year protection against dismissal and savings of over half a billion euros by the end of 2023. Discussions with the pilot union Cockpit (VC) and with Verdi are ongoing. Negotiating circles considered it unclear whether an agreement would be reached later in the day. Negotiations may continue at the weekend. The pilots had offered savings totaling 850 million euros by June 2022.
Digital and finance director Dirks is leaving Lufthansa
After acceptance of the state rescue package, Thorsten Dirks, Head of Digital and Finance, leaves Lufthansa. The former telecommunications manager first joined the board three years ago as head of the Lufthansa low-cost brand Eurowings. The successful completion of the state stabilization measure was the reason for his withdrawal, the company said on Friday in Frankfurt.
The former E-Plus and Telefonica Germany boss Dirks had given up the leadership of Eurowings at the end of 2019 and after the health-related retirement of CFO Ulrik Svensson took over large parts of the finance department on the Lufthansa board. For the time being, CEO Carsten Spohr is taking over the digital and finance department.
At the close of trading, the Lufthansa share fell 6.23 percent to EUR 8.99 via XETRA.
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