Lufthansa approved a $ 10 billion bailout with the German government

Published

4 years ago

May 25, 2020

Lufthansa seeks government aid amidst pandemic

The rescue package will give the government a 20% stake in the group, which has airlines in Germany, Austria, Switzerland and Belgium, and two seats on its supervisory board.

Lufthansa (DLAKY) said in a statement Monday that the German Federal Economic Stabilization Fund, which was used to help companies affected coronavirus pandemic, has approved a “stabilization package,” which is supported by the company’s executive board.

The government is injecting up to € 5.7 billion ($ 6.2 billion) into the airline, resulting in returns that start at 4% this year and beyond before increasing. The package also includes a three-year credit facility of up to € 3 billion ($ 3.3 billion), most of which will come from Germany’s state-owned development bank, KfW.

In addition, the government will acquire 20% of Lufthansa’s shares at a price of € 2.56 per share ($ 2.79), or around € 300 million ($ 327 million). The government has the option to increase its ownership to 25% plus one share, allowing it to block any potential takeovers. He has agreed to sell his shares in full by the end of 2023, subject to full payment of an investment of $ 6.2 billion and a share price above the purchase price. Lufthansa shares, which are almost half this year, closed at € 8.64 ($ 9.41) in Frankfurt on Monday.

“Before the pandemic, the company was healthy and profitable and had good prospects for the future, but the company faced an existential emergency due to the current corona crisis,” the government said in a statement. “The federal government’s stabilization package takes into account the needs of companies as well as the needs of taxpayers and Lufthansa Group employees.”

Lufthansa, which recorded a first quarter loss of € 1.2 billion ($ 1.3 billion), did not expect global flights to recover from the pandemic for several years. The company closed its discount operator, Germanwings, and plans to reduce 10,000 jobs.

Two seats on the Lufthansa supervisory board must be filled with agreements with the German state, the company said, one of which is a member of the audit committee. These seats will be allocated to “independent experts,” according to the government, which says financial support measures come with “extensive remuneration restrictions” for senior management.

The airline group may also be asked to release dividend payments in the future.

“Lufthansa is committed to pursuing sustainability goals, including renewing its fleet,” the government said, without giving further details about the environmental conditions associated with the bailout.

The French state-supported loan of € 7 billion ($ 7.6 billion) was provided to Air France-KLM (EVERY) last month included new commitment to cut absolute carbon emissions in half by 2024 in its domestic network, compared with 2019.

Lufthansa said the management and oversight boards would “gather soon” to adopt a rescue resolution package, which is subject to shareholder approval and regulations.

– Mark Thompson contributed reporting.

Goodwin Townsend

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Portuguese historical films will premiere on 29 December.

Published

1 year ago

December 20, 2022

Herb Adkins

Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets Ptix.bm For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

“Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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Herb Adkins

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CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS ‘There will be room’

Published

1 year ago

December 20, 2022

Herb Adkins

CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS 'There will be room'

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Herb Adkins

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Published

1 year ago

December 19, 2022

Herb Adkins

Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

Herb Adkins

Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.