Because the Lufthansa-rescue package threatens to fall at the shareholder meeting next Thursday, have nights the Manager sleepless. And are already working on a Plan B.
Published: 19.06.2020, 23:32—
The Swiss is going through troubled times.
Photo: Reuters
In the last few weeks, a rescue of the Swiss by the Federal government and the banks seemed to be only a matter of time. But since this week, Lufthansa’s major shareholder Heinz Hermann Thiele, the planned rescue package by the German government criticized has, tremors, Manager and employee of the Swiss. Thiele could provide you with a no almost single-handedly, that the proposal of group management and the German government is rejected at the extraordinary General meeting of Lufthansa in next Thursday.
In this case, for the time being, the Swiss would receive no state help. That would be for you to be a big Problem, because you as their parent company in financial distress. The air traffic was during the height of the first Corona-shaft to an almost complete Halt.
From Swiss circles, it is said to this newspaper that the higher Management of the Airline was “extremely nervous” and sleepless nights have. You have developed a Plan B for the case of a negative decision of Lufthansa shareholders. What this includes, the Swiss media do not give up. It just that their Management was preparing, of course, in various scenarios.
Work on Plan B
Conceivable for so-called Sale-and-Leaseback maneuver would be to form liquidity: The Swiss would sell parts of the fleet and back rent. It is also possible that with the Federal government, a new solution is negotiated. The financial administration, whose Director Serge Gaillard, of the air travel task force of the Federal Council, presided over the writes: “We are preparing intensively for different options.” We hope that in Germany soon “a good solution” could be found.
The previous solution for the Swiss and her sister Edelweiss provides a convenient interest-bearing Bank loans over a maximum of 1.5 billion Swiss francs, which the Federal government guarantees 85 per cent. However, no Swiss francs landed on the accounts of the Swiss. In early may, Swiss-CEO Thomas Klühr had not said that the withdrawal from the negotiations in Germany. He expected the first Tranche of 300 million Swiss francs at the end of may or beginning of June. Obviously, these assumptions were wrong. If he has made you against better knowledge, is not known. The Swiss are not expressed on request.
In the case of the rescue of the Lufthansa it’s about 9 billion euros. In addition, the state will keep 20 percent of the share capital of Lufthansa. With this participation, the largest single shareholder of Lufthansa, the multi-billionaire Heinz Hermann Thiele is not, I agree. As a result of the capital increase that would be needed for this, would lose his share of 15 per cent at a stroke significantly. Whether he will agree to the proposed solution on Thursday, he left open.
As in the case of a no?
He rejects it, to the rescue of the group in danger. With a presence of less than 50 percent of the shareholders in the Assembly, the law on the adoption of the rescue package stipulates a two-thirds majority. Thiele would apply to the rejection of necessary third almost alone. Spooked by this scenario, called on the Lufthansa on Wednesday its shareholders to participate. With a presence of over 50 percent is a simple majority for approval would be only required.
In the case of a no vote, the Airline would take hurry to renegotiate with the Federal government. This should have no success, the Lufthansa in a few weeks the money. Then you would have to apply for the so-called protective shield proceedings: the company would operate under the supervision of a Trustee in more, in old debts and get rid of the expensive collective agreements re-negotiate. In this way, the shareholders would probably lose everything. What that would mean for the Swiss, is unclear. Against this Background, it seems only reasonable that the Federal government, the Swiss denied the payment of the loans, as long as the Situation in Germany is not regulated.
Published: 19.06.2020, 23:32-
