One man can save Lufthansa’s bailout or unleash bedlam

Lufthansa’s future is in the hands of shareholders, who vote Thursday on an E9b state bailout. If they reject the lifeline, the cash-strapped carrier could tip into insolvency. The outcome was thrown into doubt by Heinz Hermann Thiele, one of Germany’s richest men. The 79-year-old built a stake of more than 15% in the carrier, becoming the largest investor, and has said he’s unhappy with the deal. Thiele’s holding gives him the power to scupper the rescue should he choose to do so, after just 38% of investors registered to vote. The measure needs two-thirds support of those in attendance. The billionaire didn’t disclose his intentions during talks with Lufthansa and government officials on Monday, according to people familiar with discussions. Lufthansa agreed with the German government in May on a bailout made up of loans and an equity investment. The accord would hand the state a 20% stake at a steep discount, diluting stockholders like Thiele. With the airline burning through 1 million euros an hour, time is running out. Story has potential scenarios that could play out in coming days between Lufthansa, Thiele and the government.<br/>