Air Berlin files for insolvency as Etihad cuts funding
- 7 years ago
Air Berlin, Germany’s second biggest carrier, has filed for bankruptcy protection.
After years of heavy losses, its key shareholder, Etihad Airlines, has announced its withdrawing its funds.
But the firm’s flights will be able to remain in the air for at least three months thanks to a 150-million euro bridging loan from the German government.
Air Berlin has filled for insolvency. According airberlin all flights will continue as planned and flight schedule remains valid pic.twitter.com/nVaQUzA8M9— Flightradar24 (flightradar24) August 15, 2017
Germany’s economy minister Brigitte Zypries said the move will allow Air Berlin to negotiate a rescue package for its 7,200 staff.
Lufthansa is currently in talks to take over parts of the business. It’s already leased crewed planes from Air Berlin to provide flights by its Eurowings budget airline and has made no secret of its interest in taking on more of Air Berlin’s business, although it has said debts and anti-trust issues were potential obstacles.
CEO Thomas Winkelmann confirms:
All flights operated by airberlin & NIKI will continue as planned and our flight schedule remains valid! pic.twitter.com/gbR1vSqMg4— airberlin (@airberlin) August 15, 2017
Air Berlin. Presseseite. “Something went wrong”. pic.twitter.com/NgdYGzNOG3— Timo Niemeier (@timoe03) August 15, 2017
After years of heavy losses, its key shareholder, Etihad Airlines, has announced its withdrawing its funds.
But the firm’s flights will be able to remain in the air for at least three months thanks to a 150-million euro bridging loan from the German government.
Air Berlin has filled for insolvency. According airberlin all flights will continue as planned and flight schedule remains valid pic.twitter.com/nVaQUzA8M9— Flightradar24 (flightradar24) August 15, 2017
Germany’s economy minister Brigitte Zypries said the move will allow Air Berlin to negotiate a rescue package for its 7,200 staff.
Lufthansa is currently in talks to take over parts of the business. It’s already leased crewed planes from Air Berlin to provide flights by its Eurowings budget airline and has made no secret of its interest in taking on more of Air Berlin’s business, although it has said debts and anti-trust issues were potential obstacles.
CEO Thomas Winkelmann confirms:
All flights operated by airberlin & NIKI will continue as planned and our flight schedule remains valid! pic.twitter.com/gbR1vSqMg4— airberlin (@airberlin) August 15, 2017
Air Berlin. Presseseite. “Something went wrong”. pic.twitter.com/NgdYGzNOG3— Timo Niemeier (@timoe03) August 15, 2017