The Confederation has regained part of its 150 million-euro bridging loan for insolvent Air Berlin. The airline had already repaid part of KfW loan on Friday, said an Air Berlin spokesman. He did not call an exact sum. The Federal Ministry of Economics also did not want to comment on details of repayment at first. Various media, including B.Z., Bild and news agency Reuters, report citing insiders of a repayment of over 40 million euros.
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Wher remainder of loan is paid back remains unclear. A large part of it would have been redeemed with Lufthansa takeover in amount of 210 million euros. This, however, has partially burst: due to concerns of EU competition supervision, Lufthansa withdrew its offer for purchase of Air Berlin subsidiary fly Niki. Niki n filed for bankruptcy and hired flight operations.
The majority of amount already repaid, namely 36.5 million euro, is according to press reports from already completed sale of company parts to British easyjet. A furr million could refore come from sale of subsidiary companies Leisure Cargo and Airberlin Technik. In addition, 18 million euros could flow from Lufthansa for Air Berlin subsidiary LG Walter If EU agrees to takeover. The planned quick sale of bankrupt Niki to anor investor could also yield furr revenue. The company founder Niki Lauda, Condor, Ryanair and recently also Swiss airline Privatair have been interested in registering.
The loan of State Credit institution for Reconstruction (KfW) to Air Berlin was to maintain its flight operations by end of November. It was controversial from outset. Ryanair chief Michael O’Leary criticized state aid as an indirect illegal aid for Lufthansa. Niki-founder Niki Lauda said of time, he appreciates risk big, “that nothing comes back”. He doesn’t even know where to come back from.
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Federal Economics minister Brigitte Zypries (SPD) had defended bridging loan a few days ago. The fact that money may only be paid back in parts is “a real risk”. However, it assumes that “a substantial part of loan” will be repaid, said Zypries.
