Stock market quotes, forex, financial news, forex tools – money-investing.com

Bankruptcy of the German airline Air Berlin

 Breaking News
Bankruptcy of the German airline Air Berlin
August 15
13:00 2017

Today a German international television and radio company Deutsche Welle has announced the beginning of the bankruptcy procedure against the large air carrier Air Berlin. This happened in response to the decision of the company’s main shareholder to stop financing a loss-making corporation. The main shareholder of Air Berlin is Etihad Airways (the national air carrier of the United Arab Emirates).

The decision of the shareholder has not become a surprise to the public, because over a relatively extended period Air Berlin has been unsuccessfully struggling with financial difficulties. As anti-crisis measures, the aircraft fleet and the staff were repeatedly cut. It got to the point that last year the air carrier ceded part of its air fleet to the flagship airline Lufthansa (38 planes of A319 and A320 models together with the crews).

For the last fiscal year the loss amounted to almost 780 million euros. In addition, the reputation of Air Berlin was seriously damaged due to cancellations and delays unacceptable in this area.

The government of Germany is not going to leave Air Berlin without the help. It has approved a loan, thanks to which all obligations to passengers will be fulfilled.

The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment