Air Berlin turns to Lufthansa and German govt after filing for insolvency:
"Air Berlin has filed for insolvency and is in discussions with Lufthansa and the German government to rescue parts of its business, after its largest shareholder Etihad said it would not provide any further funding for the struggling airline. Germany’s second-largest carrier has struggled to compete with low-cost rivals and has been kept in the air by repeated cash injections from Abu Dhabi based carrier Etihad, which bought a stake in the airline in 2011. However, on Tuesday Air Berlin filed a provisional insolvency proceeding at the local court of Berlin-Charlottenburg after Etihad refused to provide further guarantees for Air Berlin’s short-and medium-term commitments. Two members of Air Berlin’s board who were nominated by Etihad also resigned from their positions."
'via Blog this'
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