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German airline Germania files for insolvency, grounds planes
Due to increases in fuel prices,weakening of euro against dollar
05 February, 09:56
(AP-ANSA) - BERLIN - German airline Germania has filed for
insolvency and grounded its planes after failing to secure
short-term financing to stay aloft.
The Berlin-based airline, which had more than 30 planes and carried over 4 million passengers per year, announced the move early Tuesday and halted its operations with immediate effect. It served short- and medium-haul routes on both a scheduled and charter basis.
Germania acknowledged in early January that it was in financial difficulty and was unable to pay its employees last month.
In Tuesday's statement, the company pointed to 'massive increases in fuel prices last summer and the simultaneous weakening of the euro against the U.S. dollar' as well as 'considerable delays in phasing aircraft into the fleet and an unusually high number of maintenance events.' (AP-ANSA).
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The Berlin-based airline, which had more than 30 planes and carried over 4 million passengers per year, announced the move early Tuesday and halted its operations with immediate effect. It served short- and medium-haul routes on both a scheduled and charter basis.
Germania acknowledged in early January that it was in financial difficulty and was unable to pay its employees last month.
In Tuesday's statement, the company pointed to 'massive increases in fuel prices last summer and the simultaneous weakening of the euro against the U.S. dollar' as well as 'considerable delays in phasing aircraft into the fleet and an unusually high number of maintenance events.' (AP-ANSA).
