BRUSSELS (AFP) – Brussels Airlines welcomed on Friday a long-term rescue package finalised with the Belgian government and parent company Lufthansa. “I am very grateful for the support and confidence that we have received,” said CEO Dieter Vranckx in a statement.
“Lufthansa has given us the means to achieve our recovery, offering Brussels Airlines a future with long-term perspectives,” he added.
The airline has suffered alongside the entire aviation sector from the pandemic.
The agreement concluded on Tuesday provides a loan of EUR290 million (USD337 million) from the Belgian state and a capital injection of EUR170 million from Lufthansa, covering some of the airline’s losses.
Brussels Airlines plans to use the money for restructuring, which will see it shed around a quarter of its jobs – affecting around 1,000 people.
Lufthansa, the leading European transport group, was itself handed a nine billion euro bailout last month from the German government.