The insolvency of airline Air Berlin could cost German state about 200 million euros. Among or things, federal government and Federal Employment Agency would have to reckon with failures, reports Süddeutsche Zeitung, NDR and WDR citing a current insolvency report. The 112-page paper dated January 15, among or things, describe reasons for airline’s insolvency.
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Overall, airline’s debts amounted to up to 4.4 billion euros, majority of creditors were suppliers, service providers, landlords, leasing Partners and group-owned companies, reports SZ, NDR and WDR. In particular, Eurowings and Commerzbank are mentioned in report. However, chances of repayment are low, according to information provided by Research Association. The status of debts to Treasury, employment services and federal government is referred to as “unsecured” in report.
The employment agency had designed wages of Air Berlin employees as “insolvency money”, allowing federal government to 150 million a bridging loan. From this loan, which credit institution paid for reconstruction, airline will only repay about half, said a spokesman of insolvency administrator. “That’s a cautious prognosis.” So far, 61 million euros have been paid back. Repayment to KfW takes precedence over or creditors.
In addition to creditors, Air Berlin must refund about 100,000 passengers money for booked tickets. Receivables may still be registered until 1 February. However, a chance of repayment only has to be paid who booked his ticket after August 15th – day of bankruptcy.
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The insolvent Air Berlin subsidiary Niki goes into hands of VonAirline founder Niki Lauda after DemWillen of Austrian Creditors ‘ committee. That was reported by insolvency administrator on Tuesday. The Committee unanimously decided to give Lauda award. Lauda had founded Niki 2003, but was 2011.
