Lufthansa (LH, Frankfurt International) is actively considering its options in case its EUR9 billion euro (USD10.2 billion) bailout is rejected by shareholders, including filing for bankruptcy protection or changing the state aid's terms, Aviation Week has reported.

Chief Executive Carsten Spohr told the staff in an internal memo that the carrier had made "ample" preparations to avoid grounding and protect jobs even if the proposal is not approved. Besides discussions with shareholders and the government, Lufthansa decided to accelerate the payment of June salaries, normally due on June 26, to avoid uncertainty.

Uncertainty about the package's acceptance stems from the fact that, ahead of the June 25 EGM, only 38% of all shareholders had registered to attend. If less than 50% are present, the company's bylaws require a two-thirds majority for all decisions (if the turnout exceeds half, a simple majority is sufficient). Among the shareholders who are expected to attend is Lufthansa's largest shareholder, Heinz-Hermann Thiele, who holds over 15%. With an overall turnout of less than a half of all shares, Thiele - who recently criticised the bailout - could singlehandedly block its approval.

However, despite his criticisms, Thiele has not explicitly stated he would vote against the bailout.

It is understood that while the bailout is Lufthansa's preferred solution to the current crisis, its second-best option would be to seek an amendment to the package's terms. In particular, Lufthansa plans to engage the government and seek to limit its post-bailout stake to 10% (as opposed to at least 20% planned under the current terms). A reduced level of state ownership would not require approval by Lufthansa's existing shareholders. However, during a meeting between Thiele, Spohr, and the ministers of economy and of finance, the government signalled that it was unwilling to budge.

Filing for bankruptcy protection under the German "protective shield" (Schutzschirmverfahren) is considered a last resort.

Meanwhile, Lufthansa has confirmed that, while stopping short of the type's permanent retirement, it will not operate any A380-800s at least through the end of 2021. In 2022, if there is sufficient demand, the type would only operate from Munich and would be retired from Frankfurt International operations.