Germania secures funding for short-term liquidity needs

posted on 22nd January 2019 by Justin Burns
Germania secures funding for short-term liquidity needs

Cash-strapped Germania says it has found a solution to cover its short-term liquidity operating needs after carrying out successful financing negotiations.

The carrier said that the funding boost means both the medium and long-term viability as an independent medium-sized airline have been secured.

Germania chief executive officer, Karsten Balke said: “With regard to our financing efforts, we have received an important commitment today. In total, the financial support now exceeds the initial target amount of 15 million euros. We should receive the funds in the next week.”

As for the future, the German airline said the booking situation is good, and advance booking figures for the coming months and for the entire 2019 summer schedule are above those of the previous year.

However, it said it will “intensify, optimise, or, if necessary, correct the strategic and structural developments that were started in the past”.

Balke added: “I would like to explicitly thank all of our partners for their past trust and support, especially in the recent days. In this phase of uncertainty, our team succeeded in securing our flight operations without disruptions, all Germania flights were operated as scheduled. I am proud of our employees and would like to extend my special thanks to them.”

Germania carries more than 4 million passengers per year on short-haul and medium-haul flights with connections from 18 airports in Europe to over 60 destinations via a fleet of 37 aircraft.