Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
On 15 August 2017, the German airline Air Berlin announced bankruptcy, which will affect 8,600 employees in Germany. Due to financial aid in form of a stop-gap credit by the credit bank of rehabilitation (KfW), which is vouched for by the German government and is valued at about €150 million, salaries will be paid and air traffic will be maintained for the next 3 months.
Air Berlin's CEO is confident that most of the 8,600 jobs may successfully be integrated into the companies of potential acquirers. The United Services Union is positive on the chances of cabin and cockpit crews, but much less positive on the employment opportunities for administrative staff, since most potential buyers already have an administration department. Potential acquirers are Lufthansa, Condor and EasyJet.
Insolvency proceedings will start 1 November 2017.
In September 2016, Air Berlin already announced the loss of 1,200 jobs due to internal restructuring.
UPDATE 30 October 2017:
Air Berlin ceased operations on 1 November 2017. With the start of insolvency proceedings the same day, all employees have been released from their duties until further notice.
Lufthansa, EasyJet and Nayak plan to take over parts of Air Berlin. Corresponding documents have been filed with the EU Competition Commission.
1,700 employees will enter a transfer company, which will be financed by Air Berlin and the ‘Land Berlin’.
Of former 8,600 Air Berlin employees, 600 already have voluntarily left the company, 2,000 employees of LGW, Niki, Leisure Cargo and Air Berlin Technik are expected to be taken over by the buyers and further 2,300 open vacancies have been tendered by Lufthansa, EasyJet and Nayak.
Eurofound (2017), Air Berlin, Bankruptcy in Germany, factsheet number 91742, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/91742.
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