Tag: bankruptcy

Primera Air Leaves Passengers Stranded as It Ceases Operations

Reading Time: < 1 minute Primera Air, a Danish leisure airline owned by the Primera Travel Group, has ceased all operations with immediate effect, as of midnight October 1 leaving up to 5,000 passengers stranded at various destinations in Europe and North America. “This is a sad day for all the employees and passengers of Primera Air. The company has […]

Gediminas Ziemelis: At Least 5 Medium Size EU Airlines Will Go Bankrupt in 2018-2019

Reading Time: 4 minutes Between 2004 and 2015, the US airline industry saw 11 major air carriers merge into 4. This massive consolidation took place as a response to industry slowdowns and from the lack of ability on the airlines part to generate a profit. As the dust settled, the remaining airlines have learned from their past and are […]

Switzerland’s SkyWork Files for Bankruptcy

Reading Time: < 1 minute The last SkyWork flight landed in Bern Airport on Wednesday night, as ongoing financial difficulties forced the company to declare itself bankrupt. Some 11,000 passengers are affected. SkyWork voluntarily returned its operating licence to the Federal Office of Civil Aviation (FOCA), after negotiations with a potential investor failed and resulted in SkyWork “being unable to […]

Ryanair Renews Interest in NIKI Takeover

Reading Time: 2 minutes Ryanair has confirmed the Irish LCC has contacted the Austrian administrators of bankrupt airberlin subsidiary NIKI, expressing interest in participating in the insolvency process and potential purchase of remaining NIKI assets, head of communications Robin Kiely told ATW. Ryanair was one of the earlier bidders for NIKI, which filed for bankruptcy Dec. 13, 2017, immediately […]

Swiss Regional Darwin Airline Declared Bankrupt

Reading Time: 2 minutes Swiss regional carrier Darwin Airline has been declared bankrupt, after attempts to resolve its financial problems failed. The Lugano, Switzerland-based carrier had in recent years traded as Etihad Regional until the Abu Dhabi carrier sold its 33.3% shareholding to Luxembourg-based private equity fund 4K Invest in July 2017. The new owners also own Slovenia’s national […]

UK Court Restores Monarch Slots to Administrators

Reading Time: 2 minutes The administrators of insolvent UK leisure carrier Monarch Airlines have won their legal appeal to keep possession of some of the airport slots previously held by the carrier. The ruling by the UK Court of Appeal in London overturns a lower court’s ruling earlier this month that Monarch’s slots should be returned to the slots […]

easyJet to Take Over Planes from Bankrupt airberlin

Reading Time: < 1 minute The final flight of bankrupt german airline airberlin landed in the German capital on Friday evening, as the fate of thousands of employees of the stricken carrier remains unclear. airberlin, which employs some 8,000 people, triggered bankruptcy proceedings in August after its biggest shareholder Etihad Airways pulled the plug on a cash lifeline following years […]

Lufthansa Submits €500m Bid for Ailing Alitalia

Reading Time: < 1 minute According to Italian newspaper Corriere della Sera, the German airline Lufthansa has offered €500 million (US$590) for the ailing Italian flag-carrying airline, Alitalia. It is understood that the offer is for the planes, airport runway slots, and air crew. However, it is believed that Lufthansa’s intention will be to reduce the 12,000-strong workforce by half, […]

Rome Extends €300mn in Added Funding to Alitalia

Reading Time: < 1 minute The Italian government has extended a further EUR300 million (USD354.64 million) in funding to bankrupt Alitalia and its Alitalia CityLiner unit. An official gazette issued on Friday, October 13, said the funding would add to a EUR600 million euro (USD655 million) bridging loan extended to the carrier in May this year. The due date on […]

Lufthansa Buys Major Portion of Defunct Air Berlin

Reading Time: < 1 minute In what Carsten Spohr, chief executive of Lufthansa, said was a “great day” for his company, Germany’s largest carrier has agreed to purchase the lion’s share of Air Berlin, which filed for bankruptcy protection on August 15. The purchase price of €210m (US$245m) will see Lufthansa looking to acquire 80 of Air Berlin’s 144 aircraft, […]