🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Lufthansa expects hundreds of aircraft to be grounded until 2022

Published 2020-05-19, 12:37 p/m
© Reuters. FILE PHOTO:  Outbreak of the coronavirus disease (COVID-19), in Athens

FRANKFURT (Reuters) - Lufthansa is bracing for hundreds of aircraft to remain grounded due to the coronavirus pandemic well into 2022 and that further job cuts at its maintenance and catering businesses were inevitable.

In a letter to staff seen by Reuters, the German airline's executive board said that 300 aircraft would remain grounded in 2021 and that 200 aircraft would be grounded in 2022.

"In the summer of 2023, when we will hopefully will have put this crisis behind us, we will still likely have a fleet that is 100 aircraft smaller," the board said in the letter.

The airline group had a fleet of 763 planes at the end of 2019, according to its annual report.

© Reuters. FILE PHOTO:  Outbreak of the coronavirus disease (COVID-19), in Athens

Maintenance unit Lufthansa Technik and catering business LSG would have to face a considerable number of additional jobs to be cut, according to the letter.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.