Germania airline collapses, cancels all flightsFebruary 6, 2019 - 10:44 AMT PanARMENIAN.Net - Holiday airline Germania collapsed on Tuesday, February 5 and cancelled all flights, including those to Armenia, the latest to succumb to turbulence in the European airline industry as it failed to secure financing to navigate a short-term cash squeeze, Reuters reports. The insolvency of the German company, which carried about 4 million passengers a year, followed the failure of Germany’s second-biggest carrier, Air Berlin, in 2017. Britain’s Monarch Airlines and Alitalia also filed for insolvency in 2017. German charter carrier Small Planet Airlines hit financial trouble last year after an expansion drive. Germania cited rising fuel prices, a stronger dollar, delays in integrating new aircraft into its fleet and high maintenance costs. “Unfortunately, we were ultimately unable to bring our financing efforts to cover a short-term liquidity need to a positive conclusion,” Chief Executive Officer Karsten Balke said in a statement. The carrier’s 37 aircraft mainly flew German sun-seekers to more than 60 destinations in Europe, North Africa and the Middle East. The Berlin-based company, founded in 1986, also offered flights to less conventional destinations including Iran, Iraq and Armenia. It said all flights had been halted overnight after it filed for bankruptcy late on Monday. Related links: Top stories David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. The number of state universities will be reduced from 23 to 8 by 2030, Minister of Education, Science, Culture and Sport Zhanna Andreasyan has said. From September 21 to November 11, a total of 2,820 Russians registered at a place of residence in Armenia, the police has said. The situation on the contact line between Karabakh and Azerbaijan was relatively stable overnight, the Defense Army says. Partner news | Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. |