Sunday, 22 September, 2019

Ryanair Files Complaints Over Air Berlin's "Manufactured" Insolvency

Lufthansa and German government to support restructuring of airberlin Home Travel News Airline News Lufthansa and German government to support restructuring of airberlin 23 minutes ago
Debra Rodriguez | 16 August, 2017, 06:10

The Gulf state carrier has originally promised to continue supporting Air Berlin financially, but appears to have lost its nerves in light of the latter's deteriorating situation.

"As a minority shareholder, Etihad can not offer funding that would further increase our financial exposure".

The company said that two members of the board of directors, who had been nominated to the board by Etihad, had resigned.

Air Berlin flights will continue to operate because the German government extended a bridge loan of 150 million euros to the airline.

Air Berlin said it's now in talks with German flag carrier Lufthansa for parts of its business.

The low-priced airline reported losses of $3.2 billion over the past six years.

"We have a commercial relationship with Air Berlin across a range of areas, including codeshare operations, and we will support its management during these hard times", it said. "It's a bad day in the Etihad office, that's for sure, but now that Etihad is arguably free from Air Berlin, it can get back to business as it looks to turn around its losses", he added.

The new flights, scheduled to start next year, were announced earlier this month. "We have sufficient liquidity and a reliable partner, Etihad, which has pledged its support through to October 2018", a spokeswoman from the airline told AFP at the time.

It means: All flights from airberlin and NIKI are operating and the current flight schedule as well as booked flights are valid. airberlin and NIKI are continuing to accept future bookings.

Ryanair said Air Berlin was being prepared for a Lufthansa takeover, which it said would breach competition laws.

Air Berlin is Germany's second largest carrier after Lufthansa.

Etihad, who holds a 29-percent stake in Air Berlin, said that it could no longer justify further funding after providing an additional 250 million euros for the airline last April. "This manufactured insolvency is clearly being set up to allow Lufthansa to take over a debt-free Air Berlin, which will be in breach of all known German and European Union competition rules,"Ryanair's statement said".

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