Carrier files for administration under $1.41 billion debt load
German carrier Air Berlin will seek protection under European
insolvency laws, after shareholder Etihad Airways said they would no
longer financially support the airline. ABC News reports the carrier has
filed for the equivalent of bankruptcy protection, carrying
approximately $1.41 billion in debt.
http://abcnews.go.com/International/wireStory/air-berlin-files-bankruptcy-shareholder-pulls-plug-49226163
Germany’s second largest airline, Air Berlin, is filing for
bankruptcy protection after its main shareholder, Abu Dhabi-based
Etihad, said it would make no more financing available following years
of unsuccessful turnaround attempts.
The loss-making airline, which carries some 80,000 people a day mostly on short-haul destinations, will get a 150 million euro ($177 million) government loan to keep flights running and not leave travelers stranded during the peak summer season.
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