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Fri, Jan 05, 2018

Air Berlin Continues To Sell Off Assets

Subsidiary Aviation GmbH Sold To Thomas Cook

The breakup of Air Berlin continued this week as the collapsed German airline sold its subsidiary Air Berlin Aviation GmbH to Thomas Cook Group Airlines.

Reuters reports that neither party was willing to say how much Thomas Cook paid for Air Berlin Aviation, but a source close to the negotiations said that it was somewhere in the "medium single-digit million euro" range.

Thomas Cook did say that acquiring Air Berlin Aviation would give its Condor airline growth options, which is consistant with its plan to grow capacity in the German market. Demand has reportedly increased in recent months.

Air Berlin stopped flying and filed for insolvency in August. Major parts of the airline were previously sold to German flagship carrier Lufthansa, as well as easyJet.

(Image from file)

FMI: Original Report

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