Published On: Mon, Mar 31st, 2014

Air Berlin denies financial problems, says has sufficient liquidity

Air BerlinDUSSELDORF - Germany's Air Berlin said during last weekend that it had enough money to run its business, denying claims by an investor rights group it was trying to hide its financial difficulties by twice delaying publication of its annual results. This is according to a report from Reuters.

Air Berlin flies to Curacao once a week. The flight from Düsseldorf does occur with some support and guarantees on the Curaçao side. This guarantee means that Curacao, through its tourism bureau, pays for the empty seats during the flights.

The airline, almost 30 percent owned by Abu Dhabi-based Etihad Airways, on Wednesday postponed publication of its results for the second time in a week, saying it was in talks for a recapitalisation to strengthen its finances.

"The company has sufficient liquidity and also has additional flexibility through an undrawn shareholder loan," Air Berlin said in an emailed statement on Saturday.

Daily newspaper Berliner Zeitung quoted Michael Kunert, spokesman for investor rights group SdK, as saying he believed Air Berlin had breached financial disclosure rules.

"Mr. Kunert's claims are wrong, and we believe they are damaging to our business," Air Berlin said, adding it would not rule out legal action against SdK.

German financial watchdog BaFin was not immediately available for comment on Saturday.

Berliner Zeitung quoted a BaFin spokeswoman as saying German public limited companies had until the end of April to publish their financial results for the previous year.


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