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Lufthansa Supervisory Board initially rejects Corona rescue package because of EU requirements – economy

Lufthansa is initially on hold:

For the time being, Lufthansa is not accepting the planned state aid of nine billion euros.

In Frankfurt, the company cited possible conditions imposed by the EU Commission, which could check the take-off and landing rights at various airports in the event of state aid.

This would weaken the hub function at the home airports of Frankfurt and Munich, argue the supervisory board and want to examine the possible consequences and alternative scenarios. So far, bankruptcy in self-administration has been mentioned as a so-called protective shield procedure.

However, the supervisory board called the rescue package via the state economic stabilization fund WSF the “only viable alternative” for maintaining solvency.

The company had come under heavy pressure in the Corona crisis because hardly any air traffic is possible. The group employs around 138,000 people. Tens of thousands of jobs are on the brink of the consequences of the corona crisis.

The federal government and Lufthansa announced on Monday that the state aid package was for the airline. It is a combination of loans, silent deposits and direct government participation. In a next step, however, the EU Commission still has to agree.

The Supervisory Board initially refrained from convening an extraordinary general meeting. The panel would have to vote on corporate actions that would allow the WSF to join.

The cabin union Ufo warned of too tough EU requirements for the Lufthansa rescue. Should established companies have to surrender take-off and landing rights, this gap can only be filled by dumping providers such as Ryanair and Co., said UFO boss Daniel Flohr. These were neither socially fair nor sustainable.

At a demonstration in front of the Federal Chancellery, the “Citizens’ Movement Financial Turnaround” urged more tax transparency at Lufthansa. The group is active in several shadow financial centers, for example on the Cayman Island and in Malta, said spokesman Gerhard Schick. “It is very likely that the companies in the tax havens will be used to transfer profits there and save taxes in Germany.” But there is no clear evidence of this.

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