FRANKFURT, Nov 22 (Reuters) - Air Berlin bondholders are unlikely to recover more than 1 percent of outstanding debt following the German airline’s insolvency, Frank Kebekus, an Air Berlin administrator, said according to German weekly WirtschaftsWoche.
Air Berlin’s bonds are worth a total of 2.1-2.2 billion euros ($2.5-2.6 billion), he said.
That compares with the airline’s scant funds, which include 25 million euros 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, Germany’s second-biggest airline after Lufthansa, filed for bankruptcy in August after Etihad, the owner of almost 30 percent of Air Berlin, withdrew funding following years of losses.
Another Air Berlin administrator, Lucas Floether, said damages from Etihad of 15-18 million euros could be realistic, the magazine said.
Air Berlin was not immediately available for comment
$1 = 0.8514 euros Reporting by Maria Sheahan; Editing by Mark Potter