Passengers board a German carrier Air Berlin aircraft at Tegel airport in Berlin Germany
15 August, 2017, 20:06
Etihad's once novel strategy of investing in other airlines has weighed heavily on the company's bottom line. Those talks fell apart in June.
Germany's Air Berlin filed for insolvency Tuesday prompting the government to step-in to keep the country's second-largest airline operating in the short-term.
Bankruptcy protection for Air Berlin's Niki Luftfahrt and Leisure Cargo units will not be sought, according to court documents.
The airline, which didn't answer calls, said in a statement that after Etihad pulled funding, it "came to the conclusion that there was no further positive way ahead for Air Berlin".
In April 2017 Etihad provided 250 million euros of additional funding to Air Berlin as well as supporting the airline to explore strategic options for the business. "We remain open to helping find a commercially viable solution for all parties", the Etihad statement said.
Etihad, which owns almost 30 percent of Air Berlin, said the German carrier's business "deteriorated at an unprecedented pace, preventing it from overcoming its significant challenges and from implementing alternative strategic solutions".
"We are working tirelessly to achieve the best possible outcome for the company, our customers and employees, given the situation", Thomas Winkelmann, Air Berlin's CEO, said in a statement announcing the insolvency.
The German is stepping in with an immediate loan of 150 million euros so the airline it can continue flights for the time being. In May, Alitalia, which was 49% owned by Etihad, also went into bankruptcy. However, it is unlikely to countenance a full takeover: Air Berlin operates a large Airbus fleet similar to easyJet's but also has more than 100 Boeing planes, as well as high costs and pension liabilities.
The airline is in advanced talks with rival Lufthansa for the sale of some aspects of its business as it already leases aircraft to the German flag carrier.
He said it was a sad day for London because it sent out a message that it could no longer deliver "exciting" projects. The bridge was set to be located between Temple and the South Bank and was initially budgeted in 2014 to cost £150m.
The vehicle is called the 2018 Ford GT '67 Heritage Edition and it wears Race Red paint with Frozen White door and hood graphics. To make the cabin look even more handsome , Ford made air vents, center console and door sills from matte carbon fiber.
The latest report on retail sales shows households still had plenty of buying power as the third quarter got underway in July. Sales at building material stores increased 1.2 percent last month after rising 1.1 percent in June.
Market bellwether Samsung Electronics Co. backtracked 3.49 percent, and No. 2 chipmaker SK hynix Inc. was down 4.04 percent. Stocks could easily get caught in another updraft Wednesday, even after the Dow broke its feverish 10-day winning streak.
When Justin Thomas won the PGA Championship on Sunday, he sent most people who bet on him home extremely happy. When people claim that the PGA Championship is the forgotten championship or the poor man's U.S.
It was a strong second quarter for The Home Depot as the home improvement retailer reported solid gains in comparable store sales. During the same period in the prior year, the business earned $1.44 earnings per share . -Revenue Change (Y-o-Y): 6.2%.
The tough talk capped a week in which long-standing tensions between the countries risked abruptly boiling over. Mattis warned that an attack could quickly escalate to war, although it's unclear if they were linked.
Boston Police Commissioner William Evans said in a statement he was grateful for the quick apprehension of the suspect. Some stopped to light candles and show support after yet another glass panel on the memorial was shattered.
Jay Cutler to make Dolphins debut against Ravens
Adam Gase did acknowledge that Ajayi's injury could affect how Miami uses him in the coming weeks. The Baltimore Ravens have had a lot of troubles with their quarterbacks so far in the preseason.
Amazon recalls solar eclipse glasses week before event
Boone County will also provided additional staff until 4 p.m. for parents who want to pick their children up later. Maine will next see a total solar eclipse April 8, 2024 when the path of totality goes through Western Maine.
Retail Sales Increased 0.6% in July, Up 4.2% YOY
Faced with a huge inventory of unsold cars, auto dealerships are resorting to hefty discounts to attract buyers. A survey of 33 economists by the local Agencia Estado newswire had called for a 0.4% expansion from May.
Pakistan army chief hoists largest flag in Wagah Border
On the other hand, Pakistan began work on its flag project and chose to hoist a 400 feet high flag on its side of the border. Acknowledging Pakistan's "internal and external challenges", the COAS said: "I assure you that we will never let you down.
Charlotte Flair breaks silence following dad Ric's surgery
There was even an internet rumor late Monday that Flair was in critical condition, which was retweeted by Dale Earnhardt Jr. During Monday night's Raw, WWE commentators announced Flair was resting after surgery, but not out of the woods yet.
Trump Desperately Wants A War. ANY War
Later Monday, China announced a full import ban on North Korean mineral resources and seafood would be effective Tuesday. On Tuesday, North Korea is set to commemorate the Korean Peninsula's liberation from Japan at the end of World War II .