5/29/2020, 1:10 PM (Source: TeleTrader)
more TeleTrader news

Lufthansa will require more state aid - report

Deutsche Lufthansa AG will likely require more than €9 billion in state aid agreed with the German government and it may go bankrupt without it, the Spiegel reported on Friday.

The airline, which is facing liquidity issues caused by the massive decrease in demand due to the coronavirus, has enough money to support itself until June 15, after which it's faced with a risk of becoming insolvent, the news organization wrote, citing government sources.

Lufthansa's board previously postponed the approval of the relief package due to the conditions imposed by the European Union. European Commissioner for Competition Margrethe Vestager defended the requirements, stating the measures were intended to level the playing field between companies receiving state recapitalization and the ones only getting government loans.

Baha Breaking the News (BBN) / MD