June 8, 2020 / 3:38 PM / a month ago

Austria confirms 450 mln eur bailout deal for Lufthansa's Austrian unit

VIENNA, June 8 (Reuters) - Austria’s conservative-led government confirmed on Monday that it had agreed a 450 million euro ($508 million) bailout deal for Lufthansa unit Austrian Airlines, as sources had previously told Reuters.

The bailout comprises 300 million euros in loans by a banking consortium guaranteed to a level of 90% by the state, and 150 million euros in grants, Austrian Chancellor Sebastian Kurz and Finance Minister Gernot Bluemel told a news conference. The deal will secure the bulk of jobs at the airline, Kurz added. ($1 = 0.8857 euros) (Reporting by Francois Murphy; Editing by Kevin Liffey)

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