Lufthansa secures $14 billion German state rescue deal
FRANKFURT/BERLIN – The German government and Lufthansa, which has been hit hard by the coronavirus pandemic, have reached a preliminary deal on a €9 billion bailout.
Rivals such as Franco-Dutch group Air France-KLM and US carriers American Airlines, United Airlines and Delta Air Lines have also sought state aid.Lufthansa said that conditions of the deal include the waiver of future dividend payments and limits on management pay. Finance Minister Olaf Scholz said the rescue package was a“very, very good solution” that takes into account the needs of both the company and taxpayers.
The silent participation will carry a coupon of 4% in 2020 and 2021, increasing to 9.5% by 2027 to encourage fast repayment.
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