German Airline Germania Declared in Bankruptcy


05 de febrero de 2019, 17:21Berlin, Feb 5 (Prensa Latina) The airline Germania confirmed on Tuesday its bankruptcy before a court in Berlin.

It is the second fall of such a local company after Air Berlin ceased operations in autumn 2017.

Germania announced the inability to pay and flight operations were stopped shortly thereafter.

According to the industry’s portal Aerotelegraph, flight ST3711 was the airline’s last.

TheFuerteventura plane landed at 01:11 local time in the German city of Nuremberg.

The insolvency concerns Germania Fluggesellschaft mbH and its technical services sister company, Germania Technik Brandenburg GmbH, as well as Germania Flugdienste GmbH.

The Swiss entities Germania Flug AG and Bulgarian Eagle are not affected.

Unfortunately, in the end we were unable to successfully complete our financing efforts to meet short-term liquidity needs,’ says CEO Karsten Balke in a statement.

According to the Federal Gazette, the company recorded a loss of 7.7 million euros in 2016 and 6.8 million euros in 2015.

The Germania Beteiligungsgesellschaft, owner of the airline, generated a net loss of 32 million euros according to the 2016 annual financial statements.

The financial reports for 2017 and 2018 have not yet been published.

Germania was founded in 1986 as the successor to Special Air Transport, based in Cologne.

According to the airline, it recently transported more than four million passengers per year on short-haul and long-haul routes.

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