Air Berlin seeks €450m from investors

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Air Berlin seeks €450m from investors

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Low-cost carrier Air Berlin has called on investors to raise some 450 million euros to finance a “comprehensive restructuring” of the company.

The German airline says the recapitalisation will not affect its ownership structure.

Eithad Airways owns 29.2 percent of Air Berlin and has subscribed to a bond worth 300 million euros. Air Berlin will issue a further bond worth 150 million euros.

The German outfit posted losses of some 231 million euros in 2013 and is currently sheding jobs and scrapping unprofitable routes.

Last year Air Berlin cut its fleet by 15 aircraft.