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The German media does not have this story (yet?). The best I can find that the German govt made an offer for a EUR 9B bailout, which would be (in large part) a
by rndgermandude 7y ago
The German media does not have this story (yet?).
The best I can find that the German govt made an offer for a EUR 9B bailout, which would be (in large part) a credit which would lead to a commitment of EUR 500M per year in repayments (which the Lufthansa doesn't want), and the govt wants two board sets (which the Lufthansa doesn't want).
It is also reported that the Lufthansa is looking into opening a "Schutzschirmverfahren" (special case of bankruptcy law, which you can file when you're not yet insolvent but soon might be, aimed at allowing a company to become viable again mostly by itself), has EUR 4.4B in the bank, and wants to have a final decision by end of May. (from a story published less than 1h ago in SZ).
Maybe BI knows something everybody else doesn't...
- HenryBemis 7y agoIt's like the Chapter 7 vs Chapter 11 for our friends in the US.
- itcrowd 7y agoFrankfurter Allgemeine reports seem to agree with your statements and also see 1-2 week timeframe for further negotiations. Strange that BI somehow has the scoop. https://m.faz.net/aktuell/wirtschaft/lufthansa-erhaelt-erste-staatshilfen-aus-der-schweiz-16747710.html https://m.faz.net/aktuell/wirtschaft/lufthansa-erhaelt-erste...
- itcrowd 7y agoCan't edit above post anymore, here's a small update. The Suddeutsche Zeitung has a similar story to FAZ where there have been negotiations between gov and Lufthansa, but that the two parties are far apart and negotiations are not close to an end. Timeframe for finalizing negotiations is said to be before the end of May. SZ seems to have some insider sources too, so now I am really in doubt about the legitimacy of the Business Insider reporting. https://www.sueddeutsche.de/wirtschaft/schutzschirm-lufthansa-tickets-1.4891100 https://www.sueddeutsche.de/wirtschaft/schutzschirm-lufthans...