January 24, 2018 / 7:14 PM / 7 months ago

Unsecured creditors of Air Berlin debt are out of luck: insolvency report

FRANKFURT (Reuters) - Unsecured creditors of the failed airline Air Berlin AB1.DE should not expect to recover any of their claims, according to an insolvency report on Wednesday.

FILE PHOTO: An aircraft operated by German carrier Niki and Air Berlin sits on the tarmac of Berlin's Tegel airport, Germany, August 23, 2017. REUTERS/Fabrizio Bensch/File Photo

The report, written by insolvency manager and administrators Lucas Floether and Frank Kebekus, said any remaining hope for creditors to recover assets evaporated after Lufthansa (LHAG.DE) scrapped plans to buy Air Berlin’s Niki unit for 189 million euros ($234.44 million).

Germany’s flagship carrier made the U-turn on its plans to buy Niki, an Austrian holiday carrier, after Brussels signaled antitrust concerns.

Former motor racing champion Niki Lauda eventually won the bidding for the Niki airline he founded for an undisclosed price.

The 88 million euros in assets that Floether identified in his 112-page report covered 22 million euros in administration costs, while 66 million euros went repay secured loans by state-creditor KfW.

Reporting by Alexander Huebner; Writing by Tom Sims, editing by David Evans

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