Air Berlin bondholders to get back no more than 1%: WirtschaftsWoche

Air Berlin bondholders are unlikely to recover more than 1% of outstanding debt following the airline’s insolvency, Frank Kebekus, an Air Berlin administrator, said according to German weekly WirtschaftsWoche. Air Berlin’s bonds are worth a total of E2.1-2.2b (US$2.5-2.6b), he said. That compares with the airline’s scant funds, which include E25m it is to receive from the sale of unit LGW and possible damages from part-owner Etihad, he told a creditors’ meeting on Wednesday, according to WirtschaftsWoche. Air Berlin filed for bankruptcy in August after Etihad, the owner of almost 30% of Air Berlin, withdrew funding following years of losses. Another Air Berlin administrator, Lucas Floether, said damages from Etihad of E15-18m could be realistic, the magazine said.<br/>