FRANKFURT – During the crisis, the European Commission sharply reprimanded Lufthansa. After the snap from Brussels, Lufthansa suspended multi-million coupon payments on a hybrid bond. On Tuesday, EU conditions for the state bailout fell apart. Investors like it.
In March 2021, Margrethe Vestager burst the pass. Lufthansa had transferred interest of 25 million euros to the creditors of a hybrid bond without first informing the European Commission.
According to insiders, the European commissioner for competition has upset her not only towards Lufthansa no secrets. Vestager has even reportedly threatened the federal government with infringement proceedings if Berlin continues to let slip Lufthansa’s oversight of meeting EU bailout demands.
Lufthansa finally relented – on May 19, 2021, the group informed the holders of the hybrid bond issued in 2015 of the suspension of coupon payments “for the duration of government stabilization measures”.
In the meantime, Lufthansa has not only repaid state loans and silent participations, but the state has also been a shareholder in Lufthansa since Tuesday – with profits in the triple-digit millions.
“The rules of conduct towards the European Commission (…) are therefore no longer valid,” Lufthansa announced on Wednesday. “After the stabilization measures have been completed, Deutsche Lufthansa AG has decided to promptly repay the interest arrears on the hybrid bond.”
This is a suspended coupon payment of “just under 25 million euros”, which would have actually accrued in February 2022, Lufthansa informed on request from aero.de.
© aero.de | 09/14/2022 15:52