CNN.com reports that Germany’s second biggest airline filed for bankruptcy on Tuesday after Abu Dhabi’s Etihad — its leading shareholder — refused to finance another bailout.
According to the report, Air Berlin will continue flying for the time being thanks to a loan of €150 million ($176 million) from the German government. That should also allow all 7,200 employees to keep their jobs while executives try to restructure or sell the company.
“Air Berlin’s business has deteriorated at an unprecedented pace, preventing it from overcoming its significant challenges and from implementing alternative strategic solutions,” Etihad noted in a statement and added:
“Under these circumstances, as a minority shareholder, Etihad cannot offer funding that would further increase our financial exposure.”
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Source: cnn.com
