Air Berlin files for insolvency

AirBerlin B737-800 By Felix Gottwald

Hogan has since left the Gulf company, which last month also announced that it was exiting another so-called Equity Alliance partner with the sale of a stake in Swiss regional carrier Darwin to Slovenia's Adria Airways.

The carrier says it has been notified by shareholder Etihad Airways "that it no longer intends to provide Air Berlin with financial support". Etihad's then-chief James Hogan said at the time that his company wasn't prepared to carry on in investing without the support of all stakeholders.

Travelers holding onto airberlin tickets should not worry though, as the German government is providing the airline with a 150 million euro ($177 million) loan to keep the airline afloat while it heads into the bankruptcy process.

"Negotiations between Air Berlin and Lufthansa and another airline about the acquisition of business units are far advanced so that over the next weeks a decision can be finalised by Lufthansa and a further airline", the ministry says.

The company's operating loss had more than doubled previous year to 667 million euros ($787 million) due to various write-offs and restructuring charges as it belatedly tried to save itself. Etihad had bought into a number of European airlines in recent years, not least because it hoped they would drive long-haul traffic to its hub in Abu Dhabi and also support its efforts to break into the US market.

Air Berlin, Germany's second-largest airline, filed for insolvency proceedings after it ran into operational and financial difficulties following years of losses.

Air Berlin is the second largest airline in Germany, but has struggled financially for years.

Following the bankruptcy announcement, Lufthansa said it was "supporting the restructuring efforts of the airline jointly with the German government" and that its leased aircraft would continue operating as before.

The German government, like Italy's before it with Alitalia, is now helping to find a solution to protect jobs.

German carrier Air Berlin's aircrafts at Tegel airport in Berlin, Germany, September 29, 2016.

Ryanair airline recently complained to the Bundeskartellampt about a deal under which Lufthansa subsidiaries Eurowings and Austrian airlines hired Air Berlin craft and crew to fly routes for them.


  • Top US military officer warns North Korea that US military ready

    Top US military officer warns North Korea that US military ready

    The North on Monday said any war could "only be turned into a nuclear war". President Donald Trump once called Kim a "pretty smart cookie".
    Markets extend losses as Korea tensions escalate

    Markets extend losses as Korea tensions escalate

    Spot gold was almost flat at $1,285.76 per ounce at 0447 GMT and was set for a weekly gain of over 2 percent. The North Korea situation isn't the only thing weighing on stocks.
    Edris ends Farah's invincibility in final race

    Edris ends Farah's invincibility in final race

    It doesn't quite sink in until you compete here and cross the line - I had a couple of minutes to myself - that this is it. That he finishes with silver on the track clearly wasn't the farewell he had planned.
  • Galliford Try plc's (LON:GFRD) Buy Rating Reaffirmed at Liberum Capital

    Galliford Try plc's (LON:GFRD) Buy Rating Reaffirmed at Liberum Capital

    One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. It develops and commercializes multiplex molecular tests based on its eSensor electrochemical detection technology.
    Crystal Palace v Huddersfield Betting: Eagles set to maul newly promoted Terriers

    Crystal Palace v Huddersfield Betting: Eagles set to maul newly promoted Terriers

    Joel Ward's own goal saw Huddersfield become the first team to net their maiden Premier League goal in that manner. Huddersfield are in the top flight for the first time since 1972 and open their campaign at Palace on Saturday.

    Isco "very close" to signing new contract with Real Madrid

    Real Madrid vs Barcelona is available in most nations through the rights holders' online platform, if they have one. The staff are doing a great job, we do not fail because of the relationship in the dressing room.
  • Wall Street lower on US-North Korea tensions

    The benchmark Korea Composite Stock Price Index lost 4.19 points, or 0.18 percent, to 2,364.20 in the first 15 minutes of trading. Heading into Thursday, some 89 percent of the companies in the S&P 500 had reported quarterly results.
    Iran Allocates $520Mln for Missile Program in Response to New US Sanctions

    Iran Allocates $520Mln for Missile Program in Response to New US Sanctions

    The Iranian parliament has approved a bill to counter "terrorist and adventurous actions" of the United States in the region. Iran's Deputy Foreign Minister Abbas Araghchi said the bill passed on Sunday had the support of the government.
    Mayweather requests to wear 8oz gloves for super fight vs McGregor

    Mayweather requests to wear 8oz gloves for super fight vs McGregor

    According to OddsShark , on November 17, 2016 Mayweather was the favorite -2250 (McGregor +950) but his odds have dropped. I think we both owe the fans, everyone that's tuned in - I think we both should give them excitement".
  • Alli inspires Spurs win against 10-man Newcastle

    Alli inspires Spurs win against 10-man Newcastle

    Newcastle were playing the counter attack well, until Shelvey stamped on Alli right in front of the referee. Rafa Benitez brought on Jamaal Lascelles and Chancel Mbemba as replacements for the two defenders.
    Tom Cruise seen limping after 'Mission: Impossible 6' stunt goes wrong

    Tom Cruise seen limping after 'Mission: Impossible 6' stunt goes wrong

    The 55-year-old actor was filming the latest movie in the Mission: Impossible franchise when he was hurt on set. According to TIME , Cruise previously filmed a stunt on a roof before but that time it was in Paris.
    Trump to make day trip to Washington during his vacation: White House

    Trump to make day trip to Washington during his vacation: White House

    President Donald Trump may return to Washington on Monday for the day from his working vacation, Politico reported Friday . The White House has been plagued with issues including ceiling leaks and a house-fly infestation, according to CNN.


Latest news

China Implements UN Sanctions On North Korea
Trump's promises to be tougher than previous presidents on trade, his administration has proceeded with high levels of caution. Trump is expected to return to Washington from his golf club in Bedminster, N.J. on Monday to sign the memo.

NTSB Helps Investigate Deadly Helicopter Crash Near Violence in Virginia
The Bell 407 helicopter was assisting public safety resources with the ongoing situation in Charlottesville. Cullen graduated from the Virginia State Police Academy in May 1994 as a member of the 90th Basic Session.

'Mad Dog' Mattis to Kim Jong-Un: We win, you lose
When asked what options the USA has ready, Mattis declined to answer, saying instead, "I'm not going to tell the enemy what we're going to do".

After Charlottesville, Mayor Looks Into Removing Baltimore's Confederate Monuments
The speaker of the Maryland state House on Monday called for the removal of a statue of Roger B. The statues of John Hunt Morgan and John C.

Death toll from flood, landslide climbs to 49
The road blockage and bad weather have hampered the rescue and relief operations in the areas affected by the floods. A Kathmandu Post report said that public health experts have warned of water-borne epidemic in the flood-hit areas.

Raiders Marshawn Lynch sits during national anthem at preseason NFL game
He would like to have played more than one series. "That's what (coach Bruce Arians) said last night at the team meeting. Raiders head coach Jack Del Rio was unaware of Lynch sitting during the national anthem , but accepted his decision.

End of an era: Legend Bolt set for final race
Bolt took the unusual step of racing the relay heats, something usually reserved for the more unheralded members of the squad. Sir Mo Farah admitted his quest for double World Championship gold will be tough as he looks for the fairytale farewell.

Liverpool to sign Napoli star to replace Philippe Coutinho
Asked if Coutinho had let down his team mates with his request, Klopp said: "I am not part of the discussion with the group". Silva said they expected a good reaction from their oponents and felt like they played with the same intensity as them.

UK Needs Transition Period To Exit EU
Irish Prime Minister Leo Varadkar said last week that Brexit advocates "already had 14 months" to issue detailed proposals, but had not.

Rally Cat: Feline on field sets up Cardinals' grand slam
The cat almost took a chunk out of this Busch Stadium grounds crew member's finger during Wednesday's Cardinals-Royals game. Louis Feral Cat Outreach , where volunteers are treating the cat and helping it recover before preparing it for adoption.

Charlottesville: Virginia governor declares emergency
It is set to take place at Emancipation Park, formerly Lee Park, where the statue of the general stands. Police arrived on campus, declared it an unlawful assembly, and ordered the crowds to disperse.

Dallas store selling "Free Zeke" t-shirts in wake of six-game suspension
According to NFL Network's Ian Rapoport, the "benchmark" for the suspension is six games, though it could be fewer. On the bright side, that also opens the door for former Arkansas RB Darren McFadden to get more playing time.

Knee injury rules James McCarthy out of Everton opener
It was the Toffees' best move of the match - one Rooney was twice involved in before adding the finishing touch. Ross Barkley and James McCarthy are both out with groin and knee injuries respectively.

Wenger doubts Tottenham can fill Wembley this season
Spurs, despite an indifferent week, should head to Newcastle with confidence after beating Juventus 2-0 last Saturday. And yet Spurs seem willing to keep faith with the French worldwide , having reportedly turned down offers for him.

Resolute Liverpool maintain that Philippe Coutinho will not be sold
Liverpool legend Jamie Carragher has blasted Philippe Coutinho over his attempts to quit the club. But I don't think so because I think it was pretty clear what the club, FSG, said about it.

Other news