The liquidator winding up defunct Air Berlin is suing major shareholder Etihad Airways for compensation of up to two billion euros (USD 2.26 billion), a court in the German capital said Friday.
Administrator Lucas Floether has asked judges to award the former operator 500 million euros and a ruling that further compensation is required, with the court placing a provisional value of up to two billion euros on the case, the Berlin regional court said in a statement.
Floether says Etihad went back on an April 2017 agreement to support Air Berlin for the following 18 months.
In the event, the Emirati group withdrew its support in August last year, prompting Germany's second-largest airline to go bust.
Etihad had owned 29.2 per cent of Air Berlin since 2011.
After climbing aboard the red-and-white liveried operator, Etihad bailed it out for several years as it battled its major rival Lufthansa.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app