German airline, Lufthansa, on Wednesday, said it would undergo “far-reaching” restructuring after posting a first-quarter net loss of 2.1 billion euros ($2.3 billion) due to the effects of the COVID-19 global pandemic.
According to the airline’s board Chairman, Carsten Spohr, “Global air traffic has come to a virtual standstill in recent months. This has impacted our quarterly results to an unprecedented extent.
“In view of the very slow recovery in demand, we must now take far-reaching restructuring measures to counteract this.”