UPDATE 2-Lufthansa to discontinue Germanwings in sweeping restructuring [Reuters]
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Source: Reuters
Lufthansa to discontinue Germanwings in sweeping restructuring FRANKFURT (Reuters) - Lufthansa ( LHAG.DE ) said it will close down its Germanwings low-cost airline as part of a broader overhaul which includes cutting capacity across the group, warning it could take years for the industry to recover from the coronavirus crisis. Global airlines said on Tuesday that 25 million jobs across the world could be at risk from the coronavirus travel downturn and the industry’s representative body IATA said airline finances were so fragile they could not afford to refund customers. To slash costs Lufthansa will cut capacity at its hubs in Frankfurt and Munich, including reducing the number of aircraft in service for Lufthansa and Eurowings, it said. “Germanwings flight operations will be discontinued. All options resulting from this are to be discussed with the respective unions,” the company said, confirming what two sources familiar with the matter previously told Reuters. In addition, six L
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