Germany, Brussels seal pact on Lufthansa rescue plan: sourcesSince the coronavirus pandemic hit Europe, the Lufthansa group has been bleeding one million euros per hour, with around 90% of its 760-aircraft fleet grounded. FRANKFURT: Germany and the European Commission have reached agreement on a giant Berlin-funded rescue plan for coronavirus-hit Lufthansa, a Commission spokeswoman and a source close to the negotiations said Friday. Since the pandemic hit Europe, the Lufthansa group -- which also includes Brussels and Austrian Airlines and Swiss -- has been bleeding one million euros per hour, with around 90% of its 760-aircraft fleet grounded. The deal would see the German carrier give up eight planes and their associated landing rights, the spokeswoman and the source said. The company would agree to pay back much of the capital plus interest, while granting the state two seats on its supervisory board.

Source: Bangkok Post May 30, 2020 00:11 UTC