Energy Giant Uniper Faces Harder Bailout Talks Than Lufthansa

Bailing out German energy giant Uniper SE is shaping up to be even more painful than the weeks-long, tangled and nearly-failed rescue of carrier Deutsche Lufthansa AG.

Every corner of the negotiation is difficult, with a deal unlikely before the end of next week, according to people familiar with the talks, who asked not to be named citing confidentiality. To make matters worse, a labor union is opposing a plan by majority Finnish owners, and the company is running out of cash just as the rising cost of capital make state-backed loans trickier to get.

The headwinds are bringing ...