Karl-Ludwig Kley

Transportation • Air Transportation & Traffic, Flying
Lufthansa shareholders approve €9 billion bailout
Planes parked in Frankfurt
Planes parked in Frankfurt Credit: Oliver Roesler (Creative Commons Attribution ShareAlike 4.0)

Lufthansa shareholders voted in favour of a €9 billion bailout from the German government on Thursday, following a tense week in which Heinz Hermann, the company's most significant shareholder, threatened to block the deal.

"We have no more money," Chairman Karl-Ludwig Kley told shareholders. "We are living from the reserves we set aside. Without support, bankruptcy looms in the next few days."

Ryanair announced it plans to challenge the deal through European courts.