April 28, 2020 / 10:24 AM / 3 months ago

Lufthansa still considering protection from creditors: company source

FILE PHOTO: Planes of German carrier Lufthansa are parked on a closed runway at the airport in Frankfurt, Germany, March 23, 2020, as the spread of the coronavirus disease (COVID-19) continues. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - The idea of German flagship carrier Lufthansa (LHAG.DE) using a type of protection from creditors is not yet off the table, a source at the airline said on Tuesday.

The source added that Lufthansa was still considering the insolvency protection procedure as an alternative if a rescue package limited the company’s ability to compete too much.

Under consideration is a type of creditor protection scheme which requires that a company is not yet insolvent and in which a company’s management can remain in place to execute the restructuring.

Lufthansa declined to comment.

Reporting by Ilona Wissenbach; Writing by Michelle Martin; Editing by Sabine Wollrab and Arno Schuetze

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