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Air Berlin files for bankruptcy after shareholder pulls plug

"We're in a time when many tens of thousands of travelers and vacationers are in multiple international holiday spots," the German Economy and Transport Ministries said in a statement Tuesday.

Economy Minister Brigitte Zypries said that the bridge loan should give Air Berlin enough time to wrap up talks on the sale of some operations.

The bankruptcy filing was prompted by the decision by Etihad, which holds a 29.2 percent stake, to stop funneling money into the airline after years of propping it up.

Etihad Airways said the bankruptcy filing was "extremely disappointing for all parties," especially as it had supported the airline over six years, but that it could not continue pumping money into a loss-making business.

It said it had injected 250 million euros of additional funding into Air Berlin as recently as April and helped it "explore strategic options" for its business.

READ MORE (San Francisco Chronicle)

  • Air Berlin files for insolvency but flights continueBBC News
  • Air Berlin files for insolvency after Etihad withdraws supportReuters
  • Air Berlin insolvent, breakup imminentTravel Weekly
  • Air Berlin keeps flying after filing for insolvencyFinancial Times
  • Air Berlin Files for Bankruptcy as Etihad Airways Pulls FinancingFortune
  • Germany's second biggest airline files for
  • Air Berlin files for insolvency as Etihad cuts fundingeuronews
  • German government steps in to keep Air Berlin
  • German carrier Air Berlin filing for

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Air Berlin files for bankruptcy after shareholder pulls plug


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