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-   -   Air Berlin filing for bankruptcy? (https://www.pprune.org/terms-endearment/598357-air-berlin-filing-bankruptcy.html)

Southside Hangers 15th Aug 2017 12:31

Air Berlin filing for bankruptcy?
 
According to the Deutsche Welle

Less Hair 15th Aug 2017 12:32

Confirmed by AB and LH. Etihad halted it's payments for AB. Flights continue. Fed government is funding some bridging. LH is said to be taking over parts of AB soon.

fendant 15th Aug 2017 12:36

Yep, German Government has opened a 150 Mio Euro Interim credit line to ensure current operations and orderly wind down. Germany has something similar to US chapter 11 in ist insolvency law.
Looks as if the AB days are numbered, seems to me to be a better invest than Alitalia:yuk:

atakacs 15th Aug 2017 12:41

I guess I can say goodbye to the various compensations they still owe me...

Thaihawk 15th Aug 2017 13:38

As reported on the BBC just now.

Some of their operations to be merged with LH?.

Air Berlin files for insolvency but flights continue - BBC News

Either way, AB's days seem to be numbered.

How long before AZ goes the same way?.

smith 15th Aug 2017 13:46

Not surprised really, they had too diverse a fleet and network. You'd always see just about every variant of every type at the stand in PMI.

fendant 15th Aug 2017 13:50


Originally Posted by atakacs (Post 9862477)
I guess I can say goodbye to the various compensations they still owe me...


If the compensations are due under a German employment contract, you have a very good chance. Get yourself a German attorney asap who will file the Claims. Salaries are 1st in line under German law!

rog747 15th Aug 2017 13:52


Originally Posted by fendant (Post 9862541)
If the compensations are due under a German employment contract, you have a very good chance. Get yourself a German attorney asap who will file the Claims. Salaries are 1st in line under German law!

maybe he means EU compo for delays?

Mr Angry from Purley 15th Aug 2017 15:59

150 million won't last long. Needs to be shut down sorry

AviatorDave 15th Aug 2017 16:13

The 150M aren't supposed to last very long. Thery're meant as a bridge to shut down operations properly without leaving people stranded.

testpanel 15th Aug 2017 16:15

1 Attachment(s)
So, i thought i better spend my earned miles in their "top bonus shop"....
Guess not....:ugh:

PAXfips 15th Aug 2017 16:16


Originally Posted by AviatorDave (Post 9862698)
...without leaving people stranded.

..just before the Bundestag elections in late september.:suspect:

Tu.114 15th Aug 2017 16:17

Yes, this money will be burnt up just like the other millions this airline has used up.

However: there are two reasons for this state-backed loan.

Firstly, there are elections coming up. If the government was to let thousands of German holidaymakers get stranded due to one of the major airlines folding, this would come to hound them.

And secondly, there has been quite some lobbying by LH who has wetleased nearly 40 of ABs aircraft for use on their own network (some for LH, some for OS). Were AB to halt all of their flying operations, as would have been required, was German insolvency law followed strictly if there had been no such loan, this would have dealt quite a blow to LHs operation as well.

So this loan is to buy AB some time to allow closure of the ongoing negotiations between them and LH on taking over some parts of the failing company, possibly including employees. Had AB folded today, there would have been a gap usable for FR and the like and the loss of German jobs would have been inevitable (see also the previous words on the upcoming election).

IŽd expect there to be an agreement within a few days to weeks: LH will take over some profitable parts of AB, some slots may go to U2, and the rest of the airline will be scrapped possibly at the end of October.

CDRW 15th Aug 2017 18:33

The Middle East three will be licking their chops with anticipation of qualified crew applying for employment.

oldchina 15th Aug 2017 19:38

People have forgotten what "Low Cost Carrier" means

racedo 15th Aug 2017 20:55


Originally Posted by CDRW (Post 9862824)
The Middle East three will be licking their chops with anticipation of qualified crew applying for employment.

Middle East 3 have pumped money and lost it in Alitalia and AB................ wonder who else will soak them of their money.

safelife 15th Aug 2017 21:28

German media now reports AB to be split between LH and U2...

Tu.114 15th Aug 2017 21:28

All of the ME3? Is it not rather only Etihad that went on a shopping spree, throwing train loads of money down Alitalias and Air Berlins bottomless pits?

Ryanair, in the meanwhile, has found the development much to its dissatisfaction. A complaint with the German anti-trust authority has been lodged, claiming that the present arrangement only served to allow LH to take over AB sans its debts and, therefore, was in breach of German and EU anti-trust legislation.

oceancrosser 15th Aug 2017 21:38

Wonder how fast sales are going to dry up...

racedo 15th Aug 2017 21:39


Originally Posted by Tu.114 (Post 9862972)
Ryanair, in the meanwhile, has found the development much to its dissatisfaction. A complaint with the German anti-trust authority has been lodged, claiming that the present arrangement only served to allow LH to take over AB sans its debts and, therefore, was in breach of German and EU anti-trust legislation.

It is if selective hiving off without seeking other buyers and leaving the bad bits behind.

LH will claim strategic but figure EU won't go along with that.


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