Air Berlin's creditors are meeting on Wednesday for the first time as bidders jostle for position for the insolvent carrier's assets, although major progress is not expected yet, sources told Reuters. Ciara Lee reports.
It's being kept in the air thanks to a 150 million euro government loan - insolvent Air Berlin. And for the first time, it's creditors are meeting as bidders jostle for position for the carrier's assets. Sources say not to expect major progress any time soon. But Air Berlin's Chief Executive says time is of the essence and wants a deal before the end of September. The carrier, has been in talks with interested parties since last week, when it filed for insolvency after major shareholder, Etihad, said it would no longer provide funding. Lufthansa - first in line for talks - is reportedly interested in taking on dozens of planes and Austrian unit Niki Thomas Cook, which owns German airline Condor, has expressed interest While easyJet is said to be weighing up assets. Ryanair would be interested in a bid but complained it hadn't been invited to join the process, which it sees as heavily favoured to Lufthansa.