Passenger wrote: ↑
08 Jun 2020, 15:18
Flanker2 wrote: ↑
08 Jun 2020, 11:50
Sure, some funds are coming in with the new bookings, but how long will they last and how much do they already owe to suppliers and others (accounts payable) that they haven't paid yet?
Is LH giving them any funds?
This morning, Swissport filed for bankruptcy. A bit later, Lagardere Travel Retail announced they're axing 180 jobs at their tax free shops at BRU and CRL.
How long will the Belgian federal minister Alexander De Croo and the Belgian trade unions continue with their power play against Lufthansa? When will they finally conclude that THEY have to secure so many jobs at both Brussels Airlines and Brussels Airport?
When will they issue a state guarantee for a substantial part of the loan that Brussels Airlines needs to restart?
The Belgian government has already made a reasonable offer, so it's up to Lufthansa to decide to take it.
This is how governments work normally. Governments do not and should not negotiate with each and every corporation to accommodate each and every of their requests.
The Belgian government has already given a lot to LH, so now is the time for LH to show that they did not bite more than they can chew and that they're committed to SN.
Eventually LH will have to make a decision.
Even if they accept the Belgian state aid, they will have to repay it and take hundreds of millions in losses for the next years.
The same goes for all their units which will amount to consolidated losses of billions.
If you ask me, it's the beginning of the end for Europe's largest aviation group.
I also remind you that Swissport's largest customer was SN.
Thus, it's not improbable to consider that Swissport may have been taken down by some unpaid bills of their largest customer SN, which itself may not have been able to pay because its parent company did not recapitalize it or agree to the terms of the state aid.
So actually, LH may be indirectly responsible for Swissport's demise.
This is speculation of course, I don't know which bills SN has paid and which it hasn't.