The airline may have to slash thousands of jobs as travel demand decreases. FMTNews
FRANKFURT: Lufthansa’s top shareholder on Wednesday said he would back a €9 billion government rescue package, removing the threat of a last-minute veto that could have plunged the German airline into bankruptcy.
Spohr will address the online meeting set to begin at 10am, urging investors to back the plan he hammered out over weeks of talks with ministers and the European Commission.Thiele, who made his fortune in the rail and auto industries and owns 15.5% of Lufthansa’s stock, had repeatedly voiced scepticism about the deal – to the dismay of Lufthansa management, employees and unions.
Even with the government aid, Lufthansa has said it may have to slash thousands of jobs as travel demand is expected to stay below pre-pandemic levels for years. Lufthansa shares jumped more than 16% at 11pm in after-hours trading as investors digested the latest developments.Lufthansa’s board warned shareholders ahead of Thursday’s vote that insolvency was “unavoidable” if the bailout was rejected.
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