Berlin: Lufthansa has announced that it has repaid or cancelled federal government financial aid during the worst phase of the Covid-19 crisis, and has transferred a final tranche of 1 billion euros (USD1.14 billion) to the government's Economic Stabilization Fund (ESF), also known as "silent participation." "The refund was made significantly early than originally expected," the company said, according to reports.
"This was made possible in part by increased air travel demand, the Lufthansa Group's rapid reorganisation and transformation, and the capital markets' confidence in the company." After repaying the "silent participation 1" package in October, of which only 1.5 billion euros had been called up, the remaining undrawn portion has now been cancelled as well.
In addition, the corporation had repaid a one-billion-euro debt to the state-owned development bank KfW. According to the airline, the ESF has committed to sell its part in Deutsche Lufthansa, which amounts to 14 percent of the share capital, by October 2023 at the latest. Lufthansa negotiated a 9-billion-euro government bailout deal with the German government and the European Commission.
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