European Commission approves Airberlin bridge loan
The EC has approved Germany’s plans to grant Airberlin a temporary E150m (US$178m) bridging loan. “The measure will allow for the orderly wind-down of the insolvent airline Airberlin, without unduly distorting competition in the single market,” the EC said Sept 4. “At the end of the process, Airberlin is expected to cease operating and exit the market.” The credit, provided by German public credit institution KfW, will be paid in instalments. Airberlin has to demonstrate its liquidity needs on a weekly basis and will only receive further funds when the existing liquidity has been used. The anti-trust regulator gave the green light so Airberlin can continue operating while it concludes negotiations to sell its assets. After this, Airberlin will either need to repay the loan, or be wound down. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-09-05/oneworld/european-commission-approves-airberlin-bridge-loan
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European Commission approves Airberlin bridge loan
The EC has approved Germany’s plans to grant Airberlin a temporary E150m (US$178m) bridging loan. “The measure will allow for the orderly wind-down of the insolvent airline Airberlin, without unduly distorting competition in the single market,” the EC said Sept 4. “At the end of the process, Airberlin is expected to cease operating and exit the market.” The credit, provided by German public credit institution KfW, will be paid in instalments. Airberlin has to demonstrate its liquidity needs on a weekly basis and will only receive further funds when the existing liquidity has been used. The anti-trust regulator gave the green light so Airberlin can continue operating while it concludes negotiations to sell its assets. After this, Airberlin will either need to repay the loan, or be wound down. <br/>
