Lufthansa plans far-reaching restructuring after €9bn bailout
Company reports an ‘unprecedented’ quarterly loss as global flight travel comes to virtual standstill due to coronavirus pandemic
Frankfurt — Deutsche Lufthansa signalled it would make sweeping job cuts and sell off noncore units to repay a €9bn coronavirus bailout from the German government.
Europe’s biggest airline will slash employee expenses and look at spinning off noncore units to reduce costs and bolster cash flow as the coronavirus crisis depresses revenue, it said in a statement on Wednesday. The group had a €2.1bn net loss in the first quarter...