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BACKGROUND The rise and fall of Air Berlin

Europe
12.10.2017
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Berlin (dpa) - Founded in 1978, Air Berlin‘s business operations took off in the early 1990s on the back of the rise of budget airlines in Europe.

Air Berlin quickly grew in popularity by initially offering flights from Berlin to the Spanish holiday island Mallorca. The carrier eventually became Germany‘s second-largest airline.

In 2002, it began offering regular flights to major European cities before later mounting services to the Caribbean and the United States.

Air Berlin has posted a loss every year since 2008, except for 2012, when it sold off its frequent flyer programme.

Last year the airline lost around 782 million euros (927 million dollars), with its debt growing to nearly 1.2 billion euros.

Abu Dhabi-based Etihad Airways acquired a 29.2-per-cent stake in Air Berlin in 2012, becoming its largest shareholder and providing injections of capital to keep the airline operating.

Air Berlin filed for insolvency on August 15 after Etihad stopped financial aid for the group.

On the same day, the German government said it was providing Air Berlin with a bridging loan of 150 million euros to help it keep operating.

Air Berlin announced on Monday that it would end all flight services by October 28.

On Thursday, German airline Lufthansa announced it was buying the bulk of Air Berlin‘s operations.

 

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