Wednesday, 17 January, 2018

EC approval of easyJet's Air Berlin acquisition

Niki Lauda Fly Niki Airlines EC approval of easyJet's Air Berlin acquisition
Kelvin Reese | 14 December, 2017, 14:52

Air Berlin triggered bankruptcy proceedings in August after losing a cash lifeline from its biggest shareholder Etihad Airways.

The German government said it regrets the EU's stance and will do everything it can to limit the damage to taxpayers. This is especially hard for the employees. Lufthansa's chief executive officer (CEO) Carsten Spohr had recently emphasized that he was unwilling to uphold this arrangement throughout a detailed anti-trust assessment by the European Commission.

The Austrian transport ministry said it would repatriate any Niki passengers stranded overseas by cancelled flights.

The European Commission has approved the takeover of certain assets from the insolvent airline Air Berlin by the British low-priced carrier Easyjet PLC.

Vestager previously said that, given its dominant position in domestic air travel, Lufthansa might have to give up certain routes in exchange for approval.

Niki has nearly 1,000 employees, and grounding the airline will result in tens of thousands of travelers being stranded, with hundreds of thousands of tickets becoming voided, Air Berlin said Tuesday.

At least Air Berlin's insolvency administration is unlikely to face resistance from the European Union (EU) should they succeed in selling Niki to Thomas Cook at the last minute.

India wins by 141 runs after Sharma's 3rd double hundred
The left-right opening combination compounded Sri Lanka's woes. "Angelo did really well for us, but it wasn't enough". "This is my first captaincy stint, and you know I as a batsman first and then as a captain I wanted to do well".

Black Friday shopping spree boosts retail sales
But home furnishings company Carpetright cut forecasts after warning of fragile consumer confidence. On a year ago , volumes ex-fuel were up 1.5% versus the 0.2% consensus estimate.

LiAngelo, LaMelo Ball In 'Serious Discussions' With Lithuanian Basketball Team
The team has been grappling with financial issues, and started the season losing 8 of its first 12 games in the Lithuanian league. Whether they play significan minutes in Lithuania remains to be seen. "I don't care about the money", LaVar told ESPN last week.

Niki Lauda said he was interested in buying the airline back.

In the wake of the failed Niki pursuit, Lufthansa is offering to relinquish "numerous slots" to gain clearance for the purchase of Air Berlin turboprop operator LGW, officially known as Luftfahrtgesellschaft Walter.

The decision by Lufthansa could pitch Niki into financial turbulence as it loses bridge financing from the German airline giant.

Air Berlin said separately that it's still looking at alternatives for the unit.

"Due to the unexpected collapse in proceeds from the sale of Niki, it is possible that only a part of the government guaranteed loan from KfW (bank) to Air Berlin will be repaid", said government spokesman Steffen Seibert in a statement.

The EU said it will continue to review Lufthansa's takeover of LGW.

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