June 26, 2020 / 11:19 AM / 16 days ago

Germany opens part of bailout fund to Lufthansa now - Der Spiegel

FILE PHOTO: Lufthansa planes are seen parked on the tarmac of Frankfurt Airport, Germany June 25, 2020. REUTERS/Kai Pfaffenbach

BERLIN (Reuters) - The German government is making part of its 9 billion euro (£8.2 billion) bailout fund available to Lufthansa immediately after shareholders backed the rescue plan on Thursday, Der Spiegel magazine reported on Friday.

Without citing its sources, the magazine said the economy ministry had agreed with state-backed bank KfW that a 3 billion euro loan can be tapped immediately.

A Lufthansa spokesman said the money from the KfW credit should flow as soon as possible.

The government had prepared for a possible rejection of the bailout by shareholder Heinz Hermann Thiele by preparing to immediately announce a capital injection of 6 billion euros, the magazine added.

But Thiele dropped his objections to the deal ahead of Lufthansa’s extraordinary general meeting on Thursday.

Reporting by Klaus Lauer and Emma Thomasson; Editing by Michelle Martin

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