March 23, 2020 / 3:05 PM / in 6 days

FACTBOX-German companies seek state aid

FRANKFURT, March 23 (Reuters) - Germany plans to spend 750 billion euros ($810.6 billion) to mitigate the damage of the coronavirus outbreak on Europe’s largest economy, the government said on Monday.

The following German companies have already said that they will or may seek state aid.

LUFTHANSA: The airline, which has slashed flights, cut working hours and suspended its dividend, said on March 19 that it was in discussions with German state development bank KfW but believed state aid was not yet necessary.

TUI : The holiday operator said on March 16 that it would suspend most of its operations, scrap its outlook and apply for state aid in response to the pandemic.

LEONI: The car parts maker, which was struggling even before the coronavirus crisis, said on March 23 it would apply for state aid as a way to counter the fallout from the pandemic, as it is closing plants and reducing working hours of its staff.

VAPIANO: The restaurant chain said on March 20 it was insolvent and would apply for government assistance to avoid formally filing for insolvency, blaming the coronavirus crisis for a drop in sales.

NANOGATE: The supplier of plastic components and surfaces for the car industry said on March 23 that it was applying for state aid as it expected the coronavirus outbreak to have significant negative effects on earnings and liquidity in 2020.

CONDOR: The airline, which is being sold to Poland’s LOT, said on March 16 that it was considering applying for government subsidies.

($1 = 0.9252 euros)

Reporting by Arno Schuetze; Editing by Pravin Char

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