Lufthansa: Government fund approves 9 billion euros in aid

German airline Lufthansa said Monday it has received approval for a 9 billion-euro ($9.8 billion) "stabilization pack” from a government support fund to keep company going through turbulence from coronavirus outbreak, but cautions deal has t been approved by European Union's executive commission.

Lufthansa, which has lost most of its passenger business due to travel restrictions, said government's fund has agreed to take n-voting holdings in return for 5.7 billion euros, plus a 3 billion-euro credit line and 300 million euros in share purchases.

That would leave government fund with a 20-percent stake in company and two seats on board of directors.

company's tring statement said that deal has t been approved by European Commission, which could set conditions intended to preserve fair competition.