German airline Germania files for insolvency
German holiday airline Germania collapsed today after it failed to secure financing to meet a short-term cash squeeze and said it would cancel all flights immediately.
The insolvency of Germania, which carried around 4 million passengers each year, follows on from the failure of Germany's second-biggest airline, Air Berlin, in 2017.
It underscores the turbulence in the European airlines industry.
Britain's Monarch Airlines and Italy's Alitalia have also filed for insolvency in recent years.
Germania, founded in 1986, blamed rising fuel prices, a stronger dollar, delays in integrating new aircraft into its fleet as well as a high number of maintenance services for the cash shortage.
"Unfortunately, we were ultimately unable to bring our financing efforts to cover a short-term liquidity need to a positive conclusion," its chief executive Karsten Balke said in a statement.
Germania's 37 aircraft mainly flew German sun-seekers to more than 60 destinations in Europe, North Africa and the Middle East.
It said all flights had been halted overnight after it filed for bankruptcy late last night.
Balke thanked the airline's staff and apologised to passengers who had booked directly with the airline who it said would not be entitled to alternative flights.
