America is Open Again. Is Your Business Ready? Click Here Now!

Lufthansa: Government fund approves 9 billion euros in aid



FRANKFURT, Germany (AP) — German airline Lufthansa said Monday it has received approval for a 9 billion-euro ($9.8 billion) "stabilization package” from a government support fund to keep the company going through the turbulence from the coronavirus outbreak, but cautions the deal has not been approved by the European Union's executive commission.

Lufthansa, which has lost most of its passenger business due to travel restrictions, said the government's fund has agreed to take non-voting holdings in return for 5.7 billion euros, plus a 3 billion-euro credit line and 300 million euros in share purchases.

That would leave the government fund with a 20-percent stake in the company and two seats on the board of directors.

The company's trading statement said that the deal has not been approved by the European Commission, which could set conditions intended to preserve fair competition.

Program Guide

  • Retire Young Radio
    10:00AM - 11:00AM
     
    The Retire Young Radio Show hosted by Josh and Al pulls back the curtain on how   >>
     
  • Bloomberg Radio
    11:00AM - 4:00PM
     
    Bloomberg Radio is the world's only global 24-hour business radio station.   >>
     
  • Bloomberg Radio
    4:00PM - 5:00PM
     
    Bloomberg Radio is the world's only global 24-hour business radio station.   >>
     

See the Full Program Guide