Air Berlin files for bankruptcy

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Again and again pumped major shareholder Etihad to three-digit million amounts in the second largest German Airline. Now the sheikhs have turned off the tap. Lufthansa announces plans to take over parts of Air Berlin.

The airline Air Berlin has filed for insolvency. The flight operation will continue, said the airline on Tuesday. After the main shareholder, have said Etihad, to provide no further financial support available, whether you came “to the conclusion that for the Air Berlin PLC no positive prognosis more there are,” it said in a mandatory notice to the stock exchange. Against this Background, it would be submitted to the competent local court of Berlin-Charlottenburg, a request to open insolvency proceedings in self-administration, shared with Air Berlin.

In this variant of the insolvency proceedings, the Management of the company would continue the business. “The negotiations with Lufthansa and other Stakeholders to the sale of parts of the business to be conducted,” said Air Berlin.

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Lufthansa and the Federal government to help

Lufthansa confirmed talks with Air Berlin. Being “in negotiations on the acquisition of Parts of the Air Berlin group,” the company said on Tuesday. The Lufthansa support “together with the Federal government,” the restructuring of Air Berlin.

“This will ensure, among other things, that the Air Berlin leased aircraft flying currently for the Euro wings and Austrian Airlines, as in the past, can continue to be operated.” The negotiations concerning the acquisition of Parts of the Air Berlin group, would also offer the possibility to the recruitment of staff. “Lufthansa intends to bring these negotiations to a quick and positive outcome.”

The Federal government introduced a transitional loan in the amount of 150 million euros. The 150-million-Euro credit of the Federal government ensures the flight operation of the insolvent airline Air Berlin for about three months. Of the Federal economy Minister Brigitte Zypries (SPD), as she said on Tuesday. At the same time, she expressed confidence that in the next few months, a Takeover of Parts of the second largest German Airline, Lufthansa, could succeed. The credit-creating for the Transition of a frame. Zypries, the Federal government could take over the debts of Air Berlin, in order to enable a Takeover. On the question of possible further credit from the Federal government for Air Berlin, they said this is a question that will be decided when it was time for it.

Ethiad wants to avert harm from himself

Etihad, which is itself in trouble, and could provide no further money ready, said the Airline from Abu Dhabi on Tuesday. “This development is extremely disappointing for all Involved, especially since Etihad has granted in the past six years, far-reaching financial support for Air Berlin during previous liquidity crises and for their rehabilitation efforts.” In April, Etihad’ve shot another 250 million euros to scho. “But the business of Air Berlin, has deteriorated in an unprecedented speed.” As a minority shareholder Etihad could shoot no more money and increase risk. The airline was started in 2011 with Air Berlin to almost 30 percent of the Airline.

For years in the red

Air Berlin flies since years of deficits, 2016, the loss amounted to 780 million Euro. The situation worsened at the end of March, with the changeover to the summer flight plan. Flight cancellations and delays accumulated. The pilot Union Vereinigung Cockpit (VC) announced that the message was “for the employees of Air Berlin, which made the Airline an excellent work, a shock.” Etihad leave Air Berlin “fall like a hot potato, even though new investors have signaled interest,” criticized the VC. “Here are the investors from the Gulf, your true face.”

Booked Tickets remain valid

According to the bankruptcy filing of Air Berlin all booked Tickets remain according to the company, valid. Also, the flight plans would not be changed, it said on Tuesday afternoon on the website of Air Berlin. All flights of Air Berlin and its subsidiary Niki would take place as planned. In addition, all scheduled flights were still bookable, shared with the airline.

Founded in 1978, the airline company Air Berlin has become with the Boom of the cheap airlines. Success had Germany’s second largest Airline, initially with flights from Berlin to Mallorca. In 2002, they took scheduled flights in the European cities into the program. After a radical course of expansion, the company was in a crisis. Since 2008, Air Berlin writes – with one exception by the sale of frequent flyer programme – in the red. In the past year, the loss amounted to approximately 782 million euros, the debt grew to just under EUR 1.2 billion. For years, the Arab large shareholder Etihad owns 29.2 percent of the shares held, the Airline with an injection of cash into the air.

hb/ul (dpa,rtr)