Air Berlin Files for Insolvency
- Staff Reporter
Air Berlin plans to continue flying despite filing for insolvency following the withdrawal of financial support from leading shareholder Etihad Airways. Air Berlin, which has 8,600 employees, surpassed 2.7 billion euros ($3.2 billion) of losses in approximately six years with shares falling over 50 percent prior to the insolvency. The move to withdraw funding followed a deterioration of Air Berlin's operations at an "unprecedented pace" said Etihad, which purchased a 29 percent stake in Air Berlin in 2012. Passengers who have already purchased tickets should note that a government loan will allow the airline to operate until mid-November.