July 6, 2020 / 4:09 PM / a month ago

EU Commission approves 150 million euro subordinated loan for Austrian Airlines

FILE PHOTO: A worker checks an aircraft of Lufthansa's unit Austrian Airlines ahead of take off to New York at the Vienna International Airport in Schwechat, Austria July 1, 2020. REUTERS/Lisi Niesner

VIENNA (Reuters) - The European Commission has approved a 150 million euro ($170) million) subordinated loan to compensate Lufthansa’s <LHAG.DEL Austrian Airlines for damages suffered due to the coronavirus outbreak, it said on Monday.

The loan would enable Austria to partly compensate Austrian Airlines for the damages it has incurred due to travel restrictions, Executive Vice-President Margrethe Vestager said in a statement, adding that the aviation sector had been hit particularly hard.

“We continue working with member states to discuss possibilities and find workable solutions to preserve this important part of the economy in line with EU rules,” she said.

Reporting by Kirsti Knolle; Editing by Hugh Lawson

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