EU to the rescue: Air Berlin receives €150 million bridging loan
After filing for bankruptcy protection last month, Air Berlin has been given an interim loan to the sum of €150 million whilst it finds alternative investors. This week, the EC released a statement confirming the approval for a German bridging loan that will allow the insolvent German airline to continue trading and flying its passengers to their destinations as scheduled.
Air Berlin found itself in troubled waters after majority shareholder Etihad Airways withdrew funds citing loss of profits. Had the loan not been approved, all airplanes would have been grounded, leaving many holidaymakers stranded and over 8,000 jobs lost.
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