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Lufthansa Supervisory Board Accepts EUR 9 Bln Rescue Package

Deutsche Lufthansa AG (DLAKF,DLAKY) said that its supervisory Board has accepted the German Government's 9 billion euros rescue package and also accepted the announced commitments to the EU Commission.

Karl-Ludwig Kley, Chairman of the Supervisory Board of Deutsche Lufthansa AG, said, "we have come to the conclusion to agree to the Executive Board's proposal. We recommend that our shareholders follow this path, even if it requires them to make substantial contributions to stabilizing their company. It must be clearly stated, however, that Lufthansa is facing a very difficult road ahead."

The Executive Board of the airline already formally approved the package on 29 May 2020.

The rescue package still requires the approval of the competition authorities and shareholders.

The airline noted that it will convene an extraordinary general Meeting on 25 June 2020 for the implementation of the stabilization measures.

It is already obvious today that international air traffic will not reach pre-crisis levels in the coming years, the airline said in a statement.

The company said its executive board will discuss the current status and the necessary measures in Germany in a top-level meeting with the unions Verdi, Vereinigung Cockpit and UFO.

The company will publish its interim report for the first quarter on 3 June, 2020.

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