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Lufthansa Wants Germany to Divest Stake by 2023

Arne Delfs

(Bloomberg) --

Deutsche Lufthansa AG aims to pay back all of its German government loans and buy back the state-held shares by 2023, Chief Executive Officer Carsten Spohr said in interview with Frankfurter Allgemeine Sonntagszeitung.

CEO is optimistic that a shareholder meeting will back a 9 billion-euro ($10 billion) bailout by German government.Lufthansa is still working on an insolvency plan in case shareholders don’t give their approval, Spohr said.Number of expected job cuts of 10,000 could double if employees are added who work indirectly for 100 airplanes that will also be given up.The CEO’s annual salary won’t have a cap of 500,000 euros like in the case of former Commerzbank CEO Martin Blessing, but a fixed salary can’t be raised as long as taxpayers’ money is involved: Spohr.“The numbers for this year will be terrible, we will lose money each hour until the end of the year.”Lufthansa will offer a “return-flight guarantee” to passengers during the pandemic and expects increasing demand for private travel.NOTE: Lufthansa supervisory board backed the bailout deal on June 1

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