by German Press Agency – DPA
Jun 28, 2020 10:20 am
Lufthansa’s biggest shareholder, Heinz Hermann Thiele, has said restructuring the German airline could take five to six years, in comments to the Bild am Sonntag newspaper published Sunday.
It was announced Thursday that the German government will take a 20% stake in Lufthansa, clearing the way for 9 billion euros (10 billion dollars) in state aid for the crisis-hit airline.
Management will be drawing up a restructuring plan which will be “a painful way forward for all parties,” Thiele said, but “how painful, nobody can say today.”
Thiele said that reductions in personnel and material costs would not be enough to cover the company’s loans, which also require interest to be paid.