Lufthansa has agreed to accept revised concessions imposed by Brussels to enable the airline to gain a €9 billion government bailout.
The so-called stabilisation measures still require the approval of competition authorities and shareholders in the airline at a meeting on June 25.
The German airline group had opposed the European Commission’s suggestion that it give up 72 lot pairs at its hubs in Frankfurt and Munich in order to secure the state aid.
However, a revision of the conditions will see Lufthansa obliged to instead transfer up to 24 take off and landing slots to new competitors at the airports.
Lufthansa chairman Karl-Ludwig Kley admitted it was a “very difficult decision” given the commitments required by the EU Commission.
He said: “We recommend that our shareholders follow this path, even if it requires them to make substantial contributions to stabilising their company. It must be clearly stated, however, that Lufthansa is facing a very difficult road ahead.”
Chief executive Carsten Spohr said: “Stabilising our Lufthansa is not an end in itself. Together with the German government, it must be our goal to defend our leading position in global aviation.
But he warned: “The expected slow market recovery in global air traffic makes an adjustment of our capacities unavoidable.
“Among other things, we want to discuss with our collective bargaining and social partners how the impact of this development can be softened in the most socially acceptable way possible.”
It is already obvious today that international air traffic will not reach pre-crisis levels in the coming years, the airline said.
Top-level discussions with unions on the “necessary measures” in Germany will now take place.
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