Brussels Airlines 460€ million Stabilization Package approved by the Commission
On July, Brussels Airlines announced that it had reached an agreement for a stabilization package with the Belgian Federal Government and Lufthansa. The package was also later approved by the German Economic Stabilization Fund (WSF). As a final step, the EU Commission gave the green light for the Brussels Airlines Stabilization Package.
The stabilization package of 460 million euro – €290 million from the Belgian Federal government and €170 million from Lufthansa – covers in part the losses incurred by Brussels Airlines due to the crisis and secures at the same time tens of thousands of direct and indirect jobs that are linked to the activities of Brussels Airlines. The airline has stated on its press release that: Thanks to the package, the airline can finance its turnaround plan and herewith create a long-term and structurally profitable future.
We are happy that an agreement was reached on the stabilization package for Brussels Airlines and that we can now fully dedicate ourselves again to our customers, employees and partners. pic.twitter.com/OFTY4uFhNm
— Brussels Airlines (@FlyingBrussels) July 24, 2020
Dieter Vranckx, CEO of Brussels Airlines has stated: “With this news, we finally conclude the three pillars of our survival and long-term competitiveness. We are relieved that the execution of the financial transaction can take place. We will now shift all our focus towards a timely implementation of our turnaround plan Reboot Plus.”