BA Owner IAG To Buy Insolvent Austrian Holiday Airline Niki

www.oann.com | 12/29/2017 | Staff
marisha (Posted by) Level 3
FRANKFURT (Reuters) – British Airways’ owner IAG said on Friday it would buy Niki, Air Berlin’s insolvent Austrian holiday airline, for 20 million euros ($24.01 million) and provide additional liquidity to the company of up to 16.5 million euros.

The sale to IAG, which had been in exclusive talks for the airline, is the final chapter in the demise of Air Berlin, the No. 2 German air carrier that previously owned Niki and filed for insolvency earlier this year.

IAG - Niki - Part - Low-cost - Carrier

IAG said Niki would become part of its low-cost carrier Vueling and be incorporated in Austria, employing 740 former Niki employees. Assets include 15 A320 aircraft and slots at airports including Vienna, Dusseldorf, Munich, Palma and Zurich.

“Niki was the most financially viable part of Air Berlin and its focus on leisure travel means it’s a great fit with Vueling,” said IAG’s chief executive, Willie Walsh.

Niki - Insolvency - Month - Germany - Lufthansa

Niki filed for insolvency earlier this month after Germany’s Lufthansa backed out of a deal...
(Excerpt) Read more at: www.oann.com
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