Air Berlin – receivables must be sold – economy

In the bankruptcy lawsuit of airline Air Berlin four years ago, the insolvency administrator wants to shorten the period for indemnifying creditors. To this end, Lucas Flöther wants to sell legally controversial claims to investors, as he has now announced. These include claims of at least 500 million euros against the former majority shareholder Etihad. The Abu Dhabi state-owned company issued a comfort letter to struggling airline Air Berlin in April 2017, but withdrew that funding commitment four months later. Flöther sees the withdrawal of insurance as the trigger for bankruptcy. Etihad had called the action for damages unfounded and announced a determined legal opposition. The lawsuit against Air Berlin, which is listed in Britain, is pending in the High Court in London after the Federal Court of Justice upheld the jurisdiction of the British courts. With the sale of the receivables, Flöther could significantly shorten the insolvency proceedings for the approximately 1.3 million creditors, because otherwise the payments would only be expected in a few years, even if they were successful.

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