airberlin: no application for government guarantee

airberlin’s management has decided not to apply for a government guarantee. CEO Thomas Winkelmann said: ‘We had made a preliminary application for a surety as part of management’s pre-emptive strategy of investigating all restructuring options for airberlin. However, we have at no point made a binding application for a surety, and will not do so,’ said Winkelmann, asserting that the company was making good progress with its restructuring. Cost savings in the double-digit million Euro range have already been achieved for 2018 as a result of successful renegotiations including for aircraft leasing contracts and by lowering operating expenses. ‘There is quite simply no longer any need for a government guarantee to secure any loans,’ Winkelmann added.