The outdated definition of chutzpah used to be killing your dad and mom and asking for mercy since you’re an orphan. Now it’s simply going to be air berlin.
That’s as a result of air berlin is searching for damages from Etihad for not pouring more cash into the sinkhole.
German airline Air Berlin (AB1.DE) is demanding damages from its part-owner Etihad Airways for letting it grow to be bancrupt and it hopes for fee of no less than 10 million euros (£eight.94 million), Air Berlin’s administrator informed a German newspaper.
Air Berlin at New York JFK on September 29
air berlin has misplaced a pair billion since Etihad elevated its stake from three% to 29% in 2011. Etihad infused the airline with money not simply with the fairness funding however by overpaying for the spinoff of air berlin’s topbonus frequent flyer program and extra infusions. There’s been little prospect of turning round losses, which have truly widened.
Indeed the German authorities prolonged more money for the airline’s chapter which there’s solely a “likelihood” of being repaid by means of asset gross sales. Airline bondholders, alternatively, is not going to be repaid and fairness buyers will get nothing.
The airline has flown for years solely as a result of Etihad was keen to gentle cash on hearth. The airline now believes they’re owed cash for Etihad’s unwillingness to proceed to gentle cash on hearth.
All that cash, no less than we get to re-watch the loopy go-around on arrival of the ultimate air berlin transatlantic flight.