News notes from around the interweb:
- Fiji Airways laid off all its flight attendants
- Germany taking 20% ownership of Lufthansa in exchange for $9.8 billion bailout the stake rises to 25% plus one share in the event of a takeover attempt. $3 billion in government funding is a loan. Lufthansa was a state-owned enterprise until 1994.
- St. Lucia is open to tourists starting June 4 with a host of restrictions. You need to have a negative COVID-19 test within 48 hours prior to flight, and your temperature is going to be checked on arrival and every time you have a meal.
- The making of Airplane!
- Air New Zealand re-opening lounges
- Hertz Was Already in Terrible Shape. The Pandemic Finished It Off. (WSJ) The company’s market value had already fallen about 85%.
The trailer for Airplane!… Just the funny I needed this morning. Thanks, Gary
Taking a 20% ownership stake is NOT “re-nationaliation.” That requires a controlling stake.
That attention-grabbing, but factually false headline is disappointing – its more National Inquirer than “thought leader”…
The 20% stake is intentionally keeping the government out of the management. They are placing some conditions, like limits on executive compensation and dividend payments, which sounds reasonable to me in a bailout like this…
@ Rupert
I would have thought that 20% pretty much gives you a seat or two on the board.
@Rupert – the German government becomes the single largest shareholder in the airline, it’s delusional to believe the government won’t hold sway over the group.