GERMANIA AIRLINES ANNOUNCES BANKRUPTCY AND THE CANCELLATION OF ALL FLIGHTS

German airline Germania Airlines has filed for bankruptcy and announced today the cancellation of all its flights. Four of them were planned for Madeira today.
The low-cost airline, based in Berlin with 37 aircraft, served mainly tourist destinations around the Mediterranean and the Middle East, carrying more than four million passengers per year.
“Unfortunately, we were unable to secure financing to cover a short-term liquidity need,” the company’s chief executive Karsten Balke said in a statement.
In January, Germania Airlines had announced that it had come up with a solution to secure a funding of 15 million euros to cover the needs.
The airline explained that liquidity problems have arisen “mainly due to unpredictable events such as massive increases in fuel prices last summer and the simultaneous weakening of the euro against the dollar, considerable delays in entering aircraft in the fleet.”
As for passengers affected by the suspension of flight operations, Germania Airlines has assumed that those who booked the flights as part of a holiday package may contact the tour operator to arrange the substitute transport, “for passengers who booked directly with Germania, unfortunately there is no right to replace transport. “