FRANKFURT AM MAIN: Lufthansa shareholders on Thursday (Jun 25) overwhelmingly backed a nine billion euro (US$10 billion) bailout by the German ...
FRANKFURT AM MAIN: Lufthansa shareholders on Thursday overwhelmingly backed a nine billion euro bailout by the German government, saving Europe's largest airline group from bankruptcy after the coronavirus crushed travel demand.
CEO Carsten Spohr said the shareholders' green light gave Lufthansa and its 138,000 employees"a perspective for a successful future". "Lift us up where we belong, vote yes!" read one sign carried by a demonstrator, while another said"We are Lufthansa, we are family". The savings will be achieved through measures including pay freezes, reduced flight hours, early retirement and unpaid leave, both sides said.
Verdi and VC both hailed Thursday's vote outcome, with the pilots' union calling it a"step in the right direction" that allows for the"orderly continuation" of Lufthansa operations.Earlier on Thursday, the European Commission also signed off on the Lufthansa bailout, which consists of a six-billion-euro capital injection from Berlin and three billion in public loan guarantees.
Global air travel has picked up recently as lockdowns are lifted but the airline industry's climb out of the coronavirus storm promises to be long and arduous.
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