Lufthansa shareholders accept EUR9B German government rescue package

Lufthansa shareholders have voted in favor of accepting the capital measures and the participation of the Economic Stabilisation Fund of the Federal Republic of Germany in Deutsche Lufthansa AG. The corresponding proposal received the necessary majority at today's Extraordinary General Meeting of the company. The package provides for stabilization measures and loans of up to EUR9B. The WSF will make silent capital contributions of up to EUR5.7B to the assets of Deutsche Lufthansa AG. It will also establish a 20% stake in the share capital of Deutsche Lufthansa AG by way of a capital increase. This capital increase was approved at today's Extraordinary General Meeting. The shareholders also voted in favor of granting two conversion rights for parts of the silent capital contributions. These conversion rights are intended, on the one hand, to safeguard the Federal Government in case of a takeover of Lufthansa and, on the other hand, to secure the interest payments for the silent capital contribution. Both conversion rights can be transformed into a further five percent of the company's share capital should these conditions be met. The package will be supplemented by a loan of up to EUR3B with the participation of KfW and private banks. As a result of the resolution of the Extraordinary General Meeting, the company's liquidity is secured on a sustained basis. The companies of Lufthansa Group are working at full speed to get their operations up and running again. The airlines' flight schedules will therefore be consistently expanded in the coming weeks. The flight schedule for the next few weeks will be published at the beginning of next week. The plan is to include 90% of all originally planned short-haul destinations and 70% of all long-haul destinations in the flight schedule again by September.