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Air Berlin asks Berlin, NRW to consider state guarantees
June 8, 2017 / 1:49 PM / 6 months ago

Air Berlin asks Berlin, NRW to consider state guarantees

FRANKFURT, June 8 (Reuters) - Ailing German airline Air Berlin on Thursday said it has asked the German states of North-Rhine Westphalia and Berlin to consider granting possible loan guarantees.

German newspaper Die Welt was first to report the request, saying the aim was to see whether the regional states would be ready to step in, should a state guarantee be needed, the paper said, citing people close to the negotiation.

Air Berlin, which is 29 percent-owned by Abu Dhabi state-controlled carrier Etihad, has seen its losses widen to a record 782 million euros ($877 million) in 2016.

Last month Etihad appointed a new boss who is rethinking a strategy of taking minority investments in smaller carriers.

For now, Etihad continues to provide funding. Air Berlin said Etihad has granted another loan facility of 350 million euros and a letter of support for at least 18 months. ($1 = 0.8915 euros) (Reporting by Peter Maushagen; Writing by Edward Taylor; Editing by Ludwig Burger)

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