Lufthansa to buy large parts of bankrupt Air Berlin
13 October, 2017, 00:57 | Author: Martin Tyler
Air Berlin said that Lufthansa would pay 210 million euros for Air Berlin assets, enabling it to repay a 150 million credit from the German federal government that had allowed it to keep flying.
The head of German carrier Lufthansa on Thursday announced that his company was set to take a majority stake in failed airline Air Berlin, which filed for insolvency earlier and was temporarily being kept afloat by a bridging loan from the German government.
The budget Irish airline said it would take the €210m deal to European competition authorities.
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Air Berlin declared bankruptcy in August following years of losses and the decision of its biggest shareholder, Gulf airline Etihad, to cease financing.
Air Berlin is one of three European airlines to become insolvent in recent months.
Lufthansa has spread its wings further, clinching a deal to buy up more than half of its bankrupt rival Air Berlin, in what its CEO Carsten Spohr described as "a milestone in the history of Lufthansa and Berlin".
Britain's EasyJet is reportedly still in negotiations to buy some of the Air Berlin planes that haven't been snapped up by Lufthansa.
A person who is familiar with the ongoing situation said Wednesday that Lufthansa, the largest airline in Germany, was going to acquire the Niki, the Austrian leisure travel line of Air Berlin, its regional airline LG Walter, and also some other aircraft that were short-haul.
Shares in Lufthansa rose 2.8% in Frankfurt. It made a loss of about 782 million euros a year ago.
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Air Berlin, the second largest carrier in Germany, will end all operation of its flights during October, capping a tumultuous summer for carriers in Europe.
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