air berlin’s administrator sues etihad for up to €2 billion
Last Updated : GMT 05:21:58
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 05:21:58
Arab Today, arab today

Air Berlin’s administrator sues Etihad for up to €2 billion

Arab Today, arab today

Arab Today, arab today Air Berlin’s administrator sues Etihad for up to €2 billion

An AirBerlin Boeing 737 pictured in Dusseldorf.
London - Arab Today

The administrator of German airline Air Berlin is suing Abu Dhabi-based Etihad for up to €2 billion in damages, a Berlin court heard on Friday.

The administrator alleges that the Abu Dhabi airline did not meet its financial obligations to Air Berlin, in which it was the majority shareholder.

“The claims are for payment of $500 million and the establishment that the defendant is obliged to pay further damages. The Chamber has provisionally set the amount in dispute at up to €2 billion,” the court said in a statement, Reuters reported.

"We confirm that we have received a claim filed at the Berlin Regional Court by the insolvency administrator of Air Berlin," Etihad said in a statement to Arab News. "We believe that the claim is without merit and will defend ourselves vigorously against it."

The carrier has until the end of January to respond to the claims, according to the court

Etihad owned a 29 percent stake in Air Berlin as part of its so-called “equity alliance” strategy.

Etihad told Air Berlin in April 2017 that it would provide funding to the German budget carrier for the next 18 months.

However the Abu Dhabi-based airline later said it would no longer provide funding as Air Berlin’s business had deteriorated at an unprecedented pace.
The administrator claims this sealed the fate of the German airline as its fundling lifeline was cut.

Unlike regional rivals Emirates and Qatar Airways, Etihad grew its business through a strategy of taking stakes in often struggling regional carriers, some of which were also heavily unionized. The carrier described such deals as “equity alliances” and they came to define the tenure of former chief executive James Hogan.

However the strategy ran into serious problems after it was forced to absorb massive losses from its investment in Air Berlin, Alitalia and other carriers.

But the airline is now reviewing that strategy after being forced to absorb huge losses from its investments in carriers such as Alitalia and Airberlin.
Like its regional rivals, the Abu Dhabi carrier has cut jobs over the last two years.

From :Arabnews

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

air berlin’s administrator sues etihad for up to €2 billion air berlin’s administrator sues etihad for up to €2 billion

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

air berlin’s administrator sues etihad for up to €2 billion air berlin’s administrator sues etihad for up to €2 billion

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today For the Variety of Interior Design Styles

GMT 11:14 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 06:48 2015 Tuesday ,25 August

Miller Harris to launch La Fumée Alexandrie

GMT 00:11 2017 Wednesday ,02 August

Qatari Amir meets Moroccan Premier

GMT 16:26 2013 Monday ,14 October

Veronique Rees, the new face of fitness

GMT 06:27 2017 Thursday ,23 March

Confident of winning African tournament

GMT 06:24 2017 Wednesday ,19 April

Syria evacuations resume after deadly bombing

GMT 10:46 2017 Wednesday ,18 January

Israel policeman killed during home demolition operation

GMT 04:44 2017 Wednesday ,15 February

China’s credit growth poses challenge

GMT 09:18 2016 Thursday ,22 September

Governor declares state of emergency

GMT 18:22 2015 Thursday ,13 August

Kylie Jenner goes blonde for party

GMT 02:43 2016 Monday ,19 December

Giant oil tanker pays EGP 81 m to transit Suez Canal

GMT 13:29 2018 Tuesday ,16 January

Jawaher Al Qasimi Calls for Combined Efforts

GMT 04:19 2016 Thursday ,29 September

IMF chief warns of weak growth, lure of protectionism

GMT 14:23 2016 Thursday ,24 November

New musical talent makes Egypt’s heart ‘beat’

GMT 00:59 2017 Wednesday ,22 March

New Dh10m market comes up in Sharjah’s Maliha area
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday