Airlines EU gives green light for Brussels Airlines stabilization package

The EU Commission has given the green light for a stabilization package for Belgian carrier Brussels Airlines.

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Together with the Belgian Federal Government and Lufthansa, Brussels Airlines has reached an agreement to secure the future of the flag-carrier. The stabilization package, which helps the airline to develop on the long term, was approved by the German Economic Stabilization Fund (WSF) on August 17 and today on Monday, the EU Commission has also given its approval.

The stabilization package includes 460 million Euro in total, of which 290 million Euro come from the Belgian Federal Government and 170 million Euro from Lufthansa. During the COVID-19 crisis and even before, Brussels Airlines struggled to operate economically sustainable.

With the package, thousands of direct and indirect jobs that are linked with Brussels Airlines´ operations can be saved. Furthermore, it allows Brussels to create a long-term project to stay profitable in the future.

Dieter Vranckx, CEO of Brussels Airlines commented: “With this news, we finally conclude the three pillars of our survival and long-term competitiveness. We are relieved that the execution of the financial transaction can take place. We will now shift all our focus towards a timely implementation of our turnaround plan Reboot Plus. Thanks to the support and trust we receive from our shareholder Lufthansa, the Belgian government and from all our employees, we can create a strong and competitive Brussels Airlines with long-term perspectives, an important engine for the Belgian economy. For that, I sincerely thank all involved parties.”

A general agreement for the package was already agreed at the end of July, however the approval by the WSF and the EU Commission took time until the end of August. After having to cease operations completely for a short period of time, Brussels Airlines is currently in the process to restarting operations.

The airline is the flag-carrier airline of Belgium and was founded in November 2006, while commencing operations in March the following year. Brussels Airlines normally serves over 100 destinations in Europe, North America and Africa. The carrier is member of the Star Alliance and part of Lufthansa Group.

Brussel Airline´s fleet currently consists of 22 Airbus A319s, 16 A320s and 14 A330s, of which two are A330-200s. Main operational hub is at Brussels National Zaventem Airport.

Source © press.brusselsairlines.com

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