07:23 AM EDT, 07/29/2024 (MT Newswires) -- Ryanair ( RYAOF ) lost its challenge against a 2020 loan granted by Austrian authorities to rival carrier Lufthansa's Austrian Airlines as the European Union's top court said the bailout did not violate the bloc's state-aid rulebook, the EU Court of Justice said Monday.

The court based in Luxembourg said it dismissed Ryanair's ( RYAOF ) appeal and upheld the European Commission's approval of the 150 million euros ($162 million) subordinated loan to Austrian Airlines because its market share was "significantly higher" and it was "significantly more affected" by the Covid-19 restrictions.

Ryanair ( RYAOF ) and Lufthansa did not immediately respond to MT Newswires' requests for comment.

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