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  • Covid-19.Lufthansa shoots 14.4% before the possible approval of a rescue by the German Government

The coronavirus crisis is hitting the tourism sector in Spain hard and, within it, the airlines , whose liquidity situation is increasingly worrying the Government. For this reason, the Executive is preparing a specific aid plan for the country's airlines that will materialize in the coming days, as confirmed by the Minister of Transport, Mobility and Urban Agenda, José Luis Ábalos .

"Economy is preparing another package of strategic aid for airlines, with which we have already spoken to assess their liquidity needs, to respond to them in the coming days," said the minister at an organized digital meeting. by Thinking Heads.

The minister has not advanced the amount or the characteristics of said plan, although he has hinted at the Executive's concern for companies in the sector, which have spent months with almost all of their aircraft stopped due to travel restrictions arising from the pandemic.

Unlike other countries in the European environment, Spain has so far not implemented any specific aid for these types of companies, so they have had to resort to the general lines for the other companies. "They have drawn between 1,500 and 1,800 million euros from the ICO's first lines of credit , but it is not enough," Ábalos said. "They need more because the damage to the sector is very great", hence a specific plan is being worked on for them.

Airlines from other countries are already benefiting from plans of this type. Without going any further, Brussels gave its approval yesterday to the public aid of 9,000 million euros that the German Government has planned to recapitalize Deutsche Lufthansa, the parent company of the German-flagged airline Lufhtansa , a program that includes 6,000 million shares and a public guarantee for a loan of another 3,000 million. The company's shares have shot up more than 14% this Thursday on the stock market as a sign of the good reception of investors.

Returning to Spain, Ábalos has linked the liquidity of the sector to the obligation for companies to return the tickets they had sold in advance . In this sense, the minister recalled that the airlines know that they have an obligation to return the amounts of those tickets, "because this is what the European regulation establishes."

"The companies know that they have to pay and that, otherwise, the corresponding claims will be channeled through the Air Safety Agency," he said.

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Know more

  • economy
  • José Luis Ábalos
  • tourism
  • Coronavirus
  • Covid 19

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