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Lufthansa: Management board gives OK for stabilization package

In return, the airline has to hand over slots in Frankfurt and Munich – but less than previously thought.

So now: The Lufthansa Executive Board decided on Friday evening to accept the commitments indicated by Germany to the EU Commission for the stabilization package negotiated with the Economic Stabilization Fund (WSF) of the Federal Republic of Germany.

The scope of the commitments required from the perspective of the EU Commission – which have recently proven to be a sticking point – could be reduced: Lufthansa is therefore obliged to station up to four aircraft at each of the airports in Frankfurt and Munich 24 slots, i.e., arithmetically three take-off and three landing rights per aircraft and day. Recently, instead of this, a total of 48 of up to 72 slots were mentioned, as reported by Reuters.

This option is now only available to new competitors at the two airports for at least a year and a half. If no one makes use of the option, it will also be extended to existing competitors at the respective airports. The slots are to be allocated as part of a bidding process and only to be taken over by a European competitor who has not received any significant state recapitalization due to the corona pandemic.

The last two hurdles for the package, which is worth up to nine billion euros, now lie with the Supervisory Board and the shareholders: the former must agree to the stabilization package negotiated with the WSF, including the commitments to the EU. An extraordinary general meeting will then be called in a timely manner to obtain the approval of the shareholders.

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