Brussels Airlines had on friday finalized a long-term rescue package 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 further added.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
The airline has suffered alongside the entire aviation sector from the pandemic.