European justice cancels its plan to rescue Lufthansa and SAS

The court said in a statement that the European Commission, which approved a German rescue plan for Lufthansa for 6 billion euros in 2020, “made several errors” because the German company “was unable to to finance itself on the markets” to meet its needs. .

As for the Danish and Swedish plan for the Scandinavian company, which was also approved by Brussels in 2020, its value is just over one billion euros.

These appealable judgments follow legal action, in particular by the low-cost airline Ryanair, which considers itself a victim of competition. But its impact remains uncertain.

The aid mechanism for the German airline, which saw the German State enter its capital in exchange for fresh money, has already been put in place.

In September, the German state sold the last shares it still held in the capital of Lufthansa, after having entered 20% in 2020. Thus, the company became entirely owned by private shareholders.

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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