Lufthansa shareholders approve German govt bailout

Shareholders of German flag carrier Deutsche Lufthansa gave the green light to the federal government’s 9-billion-euro ($10 billion) stabilization package, the company said.

As many as 98 per cent of shareholders voted to approve the measures at a general meeting on Thursday, Xinhua news agency quoted Lufthansa as saying in a tweet.

Earlier on Thursday, the European Commission’s competition officials also approved the rescue package.

The package of loans and various measures was offered via Germany’s Economic Stabilization Fund in late May to help the airline weather the coronavirus crisis.

Before the general meeting of shareholders was held, the package had already been approved by both the Management Board and the Supervisory Board of the company.

In Lufthansa’s tweet, CEO Carsten Spohr said that Thursday’s decision “ensures outlook for the future”.

The tweet also said that the flight schedules of the group’s airlines will be further expanded.

Due to the impact of the pandemic, the flag carrier had announced earlier this month that it planned to lay off a total of 22,000 full-time employees and also reduce its fleet by around 100 aircraft.