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Shareholders pave the way for stabilization measures

  • 98 p.c vote to approve at Incredible Basic Assembly
  • Carsten Spohr: “Decision guarantees outlook for the future”
  • Flight schedules of Team airways to be further expanded

The shareholders of Deutsche Lufthansa AG voted in favor of accepting the capital steps and the participation of the Financial Stabilisation Fund (WSF) of the Federal Republic of Germany in Deutsche Lufthansa AG. The corresponding proposal gained the essential the greater part at Incredible Basic Assembly of the enterprise.

The deal presents for stabilization steps and loans of up to nine billion euros. The WSF will make silent capital contributions of up to five.seven billion euros to the assets of Deutsche Lufthansa AG. It will also build a twenty p.c stake in the share capital of Deutsche Lufthansa AG by way of a capital maximize. This capital maximize was accredited at today’s Incredible Basic Assembly. The shareholders also voted in favor of granting two conversion rights for elements of the silent capital contributions. These conversion rights are supposed, on the just one hand, to safeguard the Federal Federal government in case of a takeover of Lufthansa and, on the other hand, to safe the desire payments for the silent capital contribution. The two conversion rights can be remodeled into a further 5 p.c of the company’s share capital need to these disorders be fulfilled. The deal will be supplemented by a bank loan of up to three billion euros with the participation of KfW and private banks.

Carsten Spohr, Chairman of the Government Board of Deutsche Lufthansa AG claims: “The final decision of our shareholders presents Lufthansa with a standpoint for a successful upcoming. On behalf of our 138,000 workforce, I would like to thank the German federal government and the governments of our other household nations around the world for their willingness to stabilize us. We at Lufthansa are aware of our responsibility to shell out back again the up to nine billion euros to the taxpayers as promptly as probable.”

As a outcome of the resolution of the Incredible Basic Assembly, the company’s liquidity is secured on a sustained basis. The businesses of Lufthansa Team are doing the job at full pace to get their operations up and managing once again. The airlines’ flight schedules will for that reason be regularly expanded in the coming months. The flight plan for the following several months will be revealed at the commencing of following week. The program is to include things like ninety p.c of all at first prepared limited-haul places and 70 p.c of all extended-haul places in the flight plan once again by September. 

All over 30,000 shareholders attended the Incredible Basic Assembly. A full of 39. p.c of the share capital was represented. Of these, 98 p.c of the capital current voted to acknowledge the company’s proposed resolution. This suggests that considerably extra than the essential two-thirds the greater part voted in favor of adoption.

The European Commission experienced already accredited the stabilization deal before the commence of the Incredible Basic