BA owner IAG looses bid for NIKI
Jan 23, 2018, 8:02 am
#1
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BA owner IAG looses bid for NIKI
https://uk.reuters.com/article/uk-ni...-idUKKBN1FC0GN
Niki filed for insolvency in Berlin last month after Germany’s Lufthansa scrapped plans to buy the carrier.
After hurried talks to ensure Niki retained valuable runway slots, IAG agreed at the time with the German administrator it would buy the business for 20 million euros (17.57 million pounds) and provide 16.5 million in liquidity to make it part of its low-cost business Vueling.
But courts in Germany and in Austria ruled the proceedings had to move to Austria.
IAG accepted defeat on Tuesday.
“IAG is disappointed that Niki will not be able to develop and grow stronger as part of the group,” it said in a statement.
After hurried talks to ensure Niki retained valuable runway slots, IAG agreed at the time with the German administrator it would buy the business for 20 million euros (17.57 million pounds) and provide 16.5 million in liquidity to make it part of its low-cost business Vueling.
But courts in Germany and in Austria ruled the proceedings had to move to Austria.
IAG accepted defeat on Tuesday.
“IAG is disappointed that Niki will not be able to develop and grow stronger as part of the group,” it said in a statement.
Jan 23, 2018, 8:07 am
#2
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Why would moving the legal proceedings from Germany to Austria affect things? Are the insolveny laws there that different?
And fas per the article Niki Lauda has bought it
And fas per the article Niki Lauda has bought it
Jan 23, 2018, 8:30 am
#3
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Unsurprisingly, this news was posted to the existing Niki thread this morning: https://www.flyertalk.com/forum/brit...l#post29327805
Jan 23, 2018, 8:36 am
#4
Join Date: Aug 2008
Posts: 2,065
I am glad they let go, holding on too tight never works.