The latest results in what should be the strongest time of the year are not encouraging. Turnover slightly down, not much sign yet of any bottom line effect from the Turbine improvement project, more a sense of deckchairs being rearranged on the Titanic. This perhaps explains the change of senior management.
It would be interesting to know how they are hedged given the current drop in fuel price. That seems about the only obvious upside.
The question as to whether Etihad's involvement is in line with EU regulations also seems unresolved. Although to be fair if Etihad were classed as a multinational bank rather than an airline (which is the way they seem to be behaving, continually extending loans to keep Air Berlin afloat) then things might be simpler.
Interesting times are ahead. If Hogan pulls it off it will be the stuff of legend.