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Germany to the Rescue of Commercial Airline Lufthansa |
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Monday, June 29, 2020
Berlin.- The German government designed a rescue program for the commercial airline Lufthansa, supported by a financing of nearly nine billion euros.
Europe's largest air transport group is in an unprecedented crisis, like the rest of the sector, due to the coronavirus pandemic.
Currently, the company has about 80 percent of its fleet idle, while the rescue will put in the government's hands a 20-percent stake in the airline.
For the time being, austerity measures exclude layoffs until the end of 2023, although workers will see their hours and wages reduced.
The agreement also involves the assignment of 24 take-off and landing rights in certain time slots at the airports of Frankfurt and Munich.
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