Airberlin is on a path to recovery and should be able to show results soon, the airline’s CEO Thomas Winkelmann has said in a statement to the press.

“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.

“There is quite simply no longer any need for a government guarantee to secure any loans,” Winkelmann added.

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, according to Winkelmann.

Etihad backed Air Berlin posted a record net loss of €782 million (AED 3.19 billion) for 2016. Etihad has a 29.12 percent stake in the airline.