The inspectors of the crane vote against the slot requirements imposed by the EU Commission. The company will have to wait for the government billions to save - but there is not too much time left.
The Lufthansa Supervisory Board has unexpectedly postponed the decision on the rescue package put together by the company and politicians. The "currently indicated requirements of the EU Commission" would result in a "weakening of the hub functions in Frankfurt and Munich" and therefore could not be approved, according to a mandatory notification to shareholders. The invitation to an extraordinary general meeting will not be issued "for the time being".
According to reports, in return for the nine billion euro state package, Brussels is demanding that Lufthansa give up up to 20 slot pairs at both airports. "The resulting economic impact on the company and the planned reversal of the stabilization measures as well as possible alternative scenarios must be examined intensively," it continues. According to media reports, the company is offering to give up a maximum of three slots.
Germany wants to pump nine billion euros into the group through the Economic Stabilization Fund (WSF), which was created to rescue companies during the coronavirus pandemic. The group says it is losing up to one million euros in liquidity per hour. This is the only viable way "to maintain solvency," according to the supervisory board.
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