Lufthansa supervisory board rubber stamps $10 billion state bailout

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FILE PHOTO: Airplanes of German carrier Lufthansa at the Berlin Schoenefeld airport, Germany, May 26, 2020. REUTERS/Fabrizio Bensch

FRANKFURT (Reuters) – Lufthansa’s (DE:LHAG) supervisory board said on Monday it had approved a 9 billion euro government bailout that will force the German airline to give some of its prized landing slots to rivals.

“We recommend that our shareholders follow this path, even if it requires them to make substantial contributions to stabilizing their company,” Karl-Ludwig Kley, Lufthansa’s supervisory board chairman, said in a statement.

“It must be clearly stated, however, that Lufthansa is facing a very difficult road ahead.”