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Lufthansa board nods through $10 billion bailout plan

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BERLIN – The supervisory board of Lufthansa has given its blessing to a 9 billion-euro ($10 billion) government bailout plan thrashed out between the airline, the German government and the European Union.

In a statement Monday, the German carrier quoted Lufthansa Chairman Karl-Ludwig Kley saying it had been “a very difficult decision.” “We recommend that our shareholders follow this path, even if it requires them to make substantial contributions to stabilizing their company,” said Kley. "It must be clearly stated, however, that Lufthansa is facing a very difficult road ahead.” Lufthansa, which has been hard-hit by the downturn in travel during the coronavirus pandemic, will be required to relinquish some of its slots in Frankfurt and

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