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airberlin says no to German government guarantees

AirBerlin
AirBerlin
Speculations about AirBerlin seeking guarantees by the German government to assure operation turned out to be not necessary. Airberlin’s management has decided not to apply for a government guarantee. CEO Thomas Winkelmann said: ‘We had made a preliminary application for a surety as part of management’s pre-emptive strategy of investigating all restructuring options for airberlin. However, we have at no point made a binding application for a surety, and will not do so,’ said Winkelmann, asserting that the company was making good progress with its restructuring. Cost savings in the double-digit million Euro range have already been achieved for 2018 as a result of successful renegotiations including for aircraft leasing contracts and by lowering operating expenses. ‘There is quite simply no longer any need for a government guarantee to secure any loans,’ Winkelmann added.
As one of Europe’s largest network airlines, airberlin focuses on extremely frequent domestic flights and on services between a number of major European cities and its Berlin-Tegel and Dusseldorf hubs, from where the airline also operates long-haul flights to the US, Caribbean and Middle East. airberlin carried approximately 28.9 million passengers in 2016 and its fleet is among the most modern and eco-efficient in Europe. airberlin is a member of the oneworld® airline alliance, co-founder of Etihad Airways Partners and a strategic partner of Etihad Airways, which has a 29.21 percent share in airberlin.
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About the author

Juergen T Steinmetz

Juergen Thomas Steinmetz has continuously worked in the travel and tourism industry since he was a teenager in Germany (1977).
He founded eTurboNews in 1999 as the first online newsletter for the global travel tourism industry.