5/27/2020, 4:12 PM (Source: TeleTrader)
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Lufthansa's board delays €9B state aid approval

Deutsche Lufthansa AG revealed on Wednesday the company's supervisory board has postponed the approval of a €9 billion relief package after the conditions imposed by the European Union.

The European Commission previously asked the German airline to waive landing rights for 6 out of 300 slots at Frankfurt and Munich airports, but Lufthansa insisted that it would "lead to a weakening" of the hub function at those airports. However, the supervisory board still considers the bailout package "as the only viable alternative for maintaining solvency."

Shortly after this statement, German Economy Minister Peter Altmaier said he expects the Commission will approve the relief, as its "in the EU's interests to avoid a sell-off of strategic interests in the industrial sector."

Baha Breaking the News (BBN) / ND