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Lufthansa Needs 9 Bln Eur To Remain Global Player - CEO
Lufthansa Says Bailout Ensures Funding In 2020 - Slides
Deutsche Lufthansa AG-Board Accepts Commitments Offered By Germany To EU Commission For Stabilization Package Negotiated With WSF
Deutsche Lufthansa AG is a Germany-based company that provides passenger and cargo air transportation services worldwide. The Company's segments include Network Airlines, Eurowings, Logistics, MRO and Catering. The Network Airlines segment comprises Lufthansa German Airlines, SWISS and Austrian Airlines. The Eurowings segment comprises Eurowings, Germanwings and Brussels Airlines, as well as the equity investment in SunExpress. The Logistics segment comprises the scheduled airfreight activities of the Lufthansa Cargo group. The MRO segment includes provision of maintenance, repair and overhaul services for civil and commercial aircraft. The Catering segment provides airline catering services. The Company offers flight and connection programs in North America, Scandinavia and Asia.
Venloer Strasse 151-153
Independent Chairman of the Supervisory Board
Chairman of the Executive Board, Chief Executive Officer
Honorary Chairman of the Supervisory Board
Deputy Chairwoman of the Supervisory Board and Employee Representative
Chief Financial Officer, Member of the Executive Board
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Lufthansa pledged tough restructuring on Wednesday, even as budget rival Wizz Air upgraded a Middle Eastern expansion - underscoring the contrasting fortunes among airlines grappling with the coronavirus crisis.
Lufthansa has pledged a wide-ranging restructuring, from thousands of job cuts to asset sales, as it seeks to repay a 9 billion euro ($10.1 billion) state bailout and navigate deepening losses in the face of the coronavirus pandemic.
Lufthansa expects a significantly larger loss in the second quarter of this year, the airline group's finance chief said on Wednesday.
German airline Lufthansa posted a net loss of 2.1 billion euros ($2.35 billion) in the first quarter, writing down the value of assets as the coronavirus pandemic hits the travel sector.
European shares inched closer to a three-month high on Tuesday on optimism around a post-coronavirus economic recovery, with German stocks buoyed by a jump for Lufthansa.
* Management to hold talks with unions (Adds CEO comments, context)
Lufthansa's management board has accepted a more favourable set of demands from the European Commission in exchange for approval of a 9 billion euro ($10 billion) government bailout, the carrier said on Saturday, paving the way for its rescue.
* EXECUTIVE BOARD DECIDED TO ACCEPT COMMITMENTS OFFERED BY GERMANY TO EU COMMISSION FOR STABILIZATION PACKAGE NEGOTIATED WITH WSF
EU antitrust chief Margrethe Vestager denied on Friday that she was putting hurdles in the way of Lufthansa's $10 billion government rescue, saying companies getting big capital injections from the state have to offset their competitive advantage.
* OVER 2,000 WEEKLY FREQUENCIES TO CONNECTIONS TO MORE THAN 130 DESTINATIONS WORLDWIDE
Lufthansa's $10 billion government bailout was thrown into doubt on Wednesday after the German airline's supervisory board refused to accept the conditions attached by Brussels.
Lufthansa's <LHAG.DE> supervisory board was unable to approve a 9-billion euro (8 billion pounds) bailout in light of conditions imposed by the European Union, the airline group said on Wednesday.
Lufthansa is hoping for a quick nod from the European Commission for its 9 billion euro ($9.8 billion) bailout agreed on Monday to make sure the cash arrives in time for the company to stay afloat.
Germany threw Lufthansa a 9 billion euro ($9.8 billion) lifeline on Monday, agreeing a bailout which gives Berlin a veto in the event of a hostile bid for the airline.
Germany's rescue package for flagship carrier Lufthansa is a "very, very good solution" that is taking into account the needs of both the company and taxpayers, Finance Minister Olaf Scholz said on Monday.
The German Finance and Economy Ministries on Monday said Lufthansa was an operationally healthy company before the coronavirus outbreak, as well as profitable and with good future prospects, but had got into trouble due to the pandemic.
Germany's new Economic Stabilization Fund (WSF) has approved a 9 billion euro ($9.80 billion) stabilization package for Lufthansa , Germany's flagship carrier said on Monday.
Brussels Airlines, a subsidiary of Germany’s Lufthansa (LHAG.DE), said on Monday it would offer 30% of its original planned summer schedule with 59 destinations in 33 countries between June 15 and August 31 because of the COVID-19 pandemic.
* I'M OPTIMISTIC THAT CLIMATE PROTECTION WILL PLAY A ROLE IN RESCUE OF LUFTHANSA Further company coverage: (Berlin Speed Desk)
Lufthansa <LHAG.DE>, which is in talks with the German government over a 9 billion euro ($9.8 billion) bailout, will resume flights to 20 destinations from mid-June, including some holiday hot-spots, a spokeswoman said on Sunday.
Quote and financial data from Refinitiv. Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes.