bidding war for bankrupt air berlin closes
Last Updated : GMT 05:21:58
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 05:21:58
Arab Today, arab today

Bidding war for bankrupt Air Berlin closes

Arab Today, arab today

Arab Today, arab today Bidding war for bankrupt Air Berlin closes

Bidding war for bankrupt Air Berlin closes
Berlin - Arab Today

Friday brings a moment of truth for bankrupt Air Berlin, as a raucous bidding war closes that could see Germany’s second-largest airline broken down for parts amid wildcat strikes by pilots.
Some 8,500 employees, 140 aircraft and a string of precious landing slots at German airports are in the sights of potential buyers, who range from airline behemoth Lufthansa to upstart challengers like Austrian Formula One legend Niki Lauda.
They have until 1200 GMT to submit offers, with “concrete decisions” expected from management no later than September 25.
Air Berlin carried 36 million passengers in 2016 but has long struggled for survival, booking losses amounting to €1.2 billion over the past two years.
After main shareholder Etihad Airways withdrew its financial support in mid-August, the airline triggered bankruptcy proceedings and gave potential buyers a month to submit offers for its assets.
Economy Minister Brigitte Zypries declared that “no one company will be able to buy Air Berlin for competition reasons”.
Lufthansa, by far Germany’s biggest carrier, appears hungry for Air Berlin’s planes.
It already leases 38 aircraft from its smaller competitor, and could be interested in up to 90, according to media reports.
But competitors in the bidding have accused Lufthansa of seeking a monopoly over the German skies.
Michael O’Leary, outspoken chief executive of Ireland’s no-frills carrier Ryanair, called a stormy Berlin press conference to denounce a German “stitch-up” in favor of Lufthansa.
He told journalists he would not be joining the fray – although some analysts thought the wily businessman might be bluffing.
Meanwhile, Bavarian aviation investor Hans Rudolf Woehrl has already published a €500 million offer to buy Air Berlin as a whole – and invited his rivals to team up with him on the offer.
And Austrian Formula One champion Niki Lauda announced a bid with Thomas Cook Wednesday to buy 38 Air Berlin planes, along with those belonging to the airline’s low-cost subsidiary that bears his first name.
Press reports have pointed to more potential offers from EasyJet, tourism operator TUI as well as Jonathan Pang, the Chinese owner of Parchim cargo airport in northeast Germany, and Utz Claassen, the former head of German power supplier EnBW.
Air Berlin boss Thomas Winkelmann – a former Lufthansa executive – has admitted to talks with around 10 potential investors even before the deadline passed, aiming to close a deal “at the latest in September”.
But pilots added a spate of turbulence to the final approach, who staged a two-day “sick-out” this week that saw some 300 flights canceled and left more than 10,000 furious passengers waiting to find out if they will be compensated.

 

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*

bidding war for bankrupt air berlin closes bidding war for bankrupt air berlin closes

 



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*

bidding war for bankrupt air berlin closes bidding war for bankrupt air berlin closes

 



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 18:35 2017 Wednesday ,01 March

NRJ Radio to be Launched in Morocco

GMT 10:43 2017 Tuesday ,03 January

Jordan FM to land in Beirut today for official talks

GMT 00:27 2011 Wednesday ,23 February

Bahrain picks up the pieces after violent protests

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 16:42 2017 Tuesday ,05 September

Sayed happy for his participation in drama

GMT 02:56 2016 Monday ,19 December

Israeli settlers storm Al Aqsa mosque on Sunday

GMT 18:27 2018 Wednesday ,28 November

Putin to meet with Xi Jinping, Macron on November 30

GMT 13:37 2018 Monday ,22 October

INF’s significance for European security "Macron"

GMT 16:24 2015 Saturday ,19 December

Molla delegates two chairmen for Petrotrade, Potagasco

GMT 20:24 2016 Monday ,17 October

51 killed in Russian air raids over Aleppo

GMT 17:59 2016 Tuesday ,26 July

India arrests 2 over Israeli woman’s rape

GMT 10:34 2016 Monday ,14 November

Hollywood worries about Trump

GMT 23:46 2015 Wednesday ,19 August

Ex Sri Lankan president vows to continue in politics

GMT 02:30 2017 Saturday ,28 October

November23rd-December21st

GMT 09:15 2017 Wednesday ,03 May

All Black Coles under Lions injury cloud
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