Home » Economy » Airlines – EU gives green light to Air Berlin loan | News

Airlines – EU gives green light to Air Berlin loan | News

Monday, September 4th, 2017 | Economy

The 150 million euro bridging loan for the airline was examined and approved, the European Commission announced on Monday. This should enable the second-largest German airline to continue flying in the coming months until negotiations are concluded. Germany provided the credit line, but Brussels had to agree with the action. Air Berlin itself and Federal Minister of Economics Brigitte Zypries welcomed the release.
Airline is broke
Air Berlin had to file for insolvency in the middle of August after years of losses. Earlier, the Arabian airline Etihad, who kept the Berliners with money in the air, turned the money tap. Since then we have been looking for buyers. Currently, Platzhirsch Lufthansa is regarded as the most promising bidder. Other interested parties include the British Easyjet and the German holiday airline Condor. According to a "Spiegel" report, the former energy top manager Utz Claassen also had an eye on Air Berlin – as did the Berlin entrepreneur Alexander Skora, who wants to bring international investors into the boat.
Skora wants to make Air Berlin again on routes such as Mallorca and use a flexible ticket model with auctions. "For the long haul, I see Lufthansa and for other European connections Easyjet is responsible, so Air Berlin can gradually grow gradually," said Skora to Reuters.
Until September 15, the Air Berlin insolvency administrators collect binding offers from investors. According to negotiating circles, it would be possible at best to decide who will get which parts of Air Berlin on September 21st. The company has to push up as the financial resources are limited. In order to push the costs, it was already decided to discontinue long-haul long-haul flights in about four weeks.
(Reuters)

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