In the Lufthansa is under High pressure around State aid negotiated. Lufthansa CEO announced on Friday Carsten Spohr has even sharper cuts due to the serious economic consequences of the corona crisis. So until the end of crisis the fleet of around 760 aircraft has recently been reduced by 100 aircraft. This results in a workforce that is 10,000 employees smaller.
He does not expect the situation for the aviation group to normalize before 2023. A Lufthansa spokesman explained how the Lufthansa separate from the employees, was still to be negotiated with the unions. Because of the crisis the load on the aircraft will decrease by ten percent and the revenue accordingly. In addition, the airline group, which just has a financial package of almost ten billion euros Germany, Austria, the Switzerland and Belgium negotiated to spend over a billion euros a year on loan repayments
have to.
Share crashes
The shares of the AUA mother sank massively on Friday. “At the moment it says State aid or the end, “said the experts from the brokerage firm Bernstein. Lufthansa shares fell by 8.4 percent and at € 7.15 temporarily cost less than they had since the Sars pandemic 17 years ago.
State aid
According to insiders, the airline is preparing applications for a state Aid package in a volume of up to EUR 10 billion. It is not yet known how much of this is to be attributed to equity and how much to be attributed to loans. At the beginning of next week, according to insiders, they wanted a package put together. On Friday afternoon there was talk of an impending breakthrough on German industry platforms, but this has not been confirmed.
Discussions about state support are also underway at the subsidiary airlines Swiss in the Switzerland, Brussels Airlines in Belgium and at the AUA (Austrian Airlines) in Austria
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