According to Handelsblatt, there is obviously a breakthrough in the recent deadlock between the Federal Government and the EU Commission. The Supervisory Board could meet on Whit Monday, after which the invitation to the extraordinary general meeting could be sent. If the shareholders agree, the state aid of nine billion euros could be delivered.
According to the information provided, the current compromise stipulates that Lufthansa should surrender a total of 8 aircraft (four in Frankfurt and four in Munich) together with the associated 24 slots. The planes and the slots should be awarded to competitors, enabling them to set up their own bases at Lufthansa’s two home airports.
Initially, the EU Commission had requested the delivery of 20 jets, while Lufthansa offered only three aircraft, before finally settling for the above compromise.
The rescue package has yet to be officially registered and approved in Brussels.
At its meeting today, the Lufthansa Executive Board decided to accept the commitments offered by Germany to the EU Commission for the stabilisation package negotiated with the Economic Stabilisation Fund (WSF) of the Federal Republic of Germany.
The scope of the conditions required in the EU Commission’s view has been reduced in comparison with initial indications. Lufthansa will, therefore, be obliged to transfer to one competitor each at the Frankfurt and Munich airports up to 24 take-off and landing rights (slots), i.e. three take-off and three landing rights per aircraft and day, for the stationing of up to four aircraft. For one and a half years, this option is only available to new competitors at the Frankfurt and Munich airports. If no new competitor makes use of this option, it will be extended to existing competitors at the respective airports.
The slots will be allocated in a bidding process. The slots can only be taken over by a European competitor that has not itself received any substantial state recapitalisation as a result of the corona pandemic.
The Supervisory Board must approve the stabilisation package negotiated with the WSF, including the commitments to the EU Commission. Subsequent to the Supervisory Board’s decision, the company intends to convene an Extraordinary General Meeting in the near future to obtain shareholder approval for the WSF stabilisation measures.
This post was published on 29 May 2020 23:21
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