Administrator seeks buyer for German charter airline Small Planet

Air Berlin

19/09/2018 14:19

By Klaus Lauer
    BERLIN, Sept 19 (Reuters) - Insolvent German charter carrier
Small Planet Airlines hopes to attract a buyer following a debt
restructuring, its administrator told Reuters on Wednesday,
saying he saw good a chance of a deal.
    Small Planet, which employs 400 staff and has nine aircraft,
mainly flies tourists to Mediterranean destinations. The company
filed for insolvency this week in a bid to stay in the air while
a buyer is found.
    "Talks are going on with investors, and they are now being
intensified under new conditions," court-appointed administrator
Joachim Voigt-Salus told Reuters.
    Potential suitors had been deterred by Small Planet's
sizable debts, he added: "Now the question is whether we can cut
these liabilities through the insolvency process so that a new
investor can take off again with Small Planet."
    It was not immediately clear how Lithuanian parent company
Small Planet Group, which runs a total fleet of 29 aircraft,
would be affected by the process.
    Small Planet hit financial trouble after launching an
expansion drive when Air Berlin  AB1.F  collapsed last year.
    Most of Air Berlin's operations were bought by German flag
carrier Lufthansa  LHAG.DE , while its Niki subsidiary was
bought back by founder Niki Lauda, the Austrian Formula 1 world
champion.  urn:newsml:reuters.com:*:nL8N1PI0KW
    "I'm optimistic that the talks will resume and can reach a
concrete result in the coming weeks," Voigt-Salus said. "All are
welcome - Niki Lauda is welcome too."

 (Writing Douglas Busvine; Editing by Thomas Seythal and Mark
Potter)
 ((douglas.busvine@tr.com; +49 69 7565 1271; Reuters Messaging:
douglas.busvine.thomsonreuters.com@reuters.net))