In trouble: The tails of aircraft of the German airline Lufthansa are seen at the ‘Franz-Josef-Strauss’ airport in Munich, southern Germany. Lufthansa warned last week that a failure to secure shareholder approval for the bailout could force it to apply for protection from creditors under German insolvency law. — AFP
FRANKFURT: Lufthansa shares slumped 5.7% yesterday morning after CEO Carsten Spohr said the company would seek to avoid a grounding and insolvency in a battle with the airline’s biggest shareholder over the terms of a €9bil bailout.
Lufthansa has been hard hit by what is expected to be a protracted travel slump because of the Covid-19 pandemic, forcing it to seek a state rescue.
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