Aero Lloyd Pilots Try to Rescue Carrier | Business| Economy and finance news from a German perspective | DW | 30.10.2003
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Aero Lloyd Pilots Try to Rescue Carrier

Pilots from the insolvent German charter airline Aero Lloyd are taking steps to save their former employer, lawyers said on Thursday. The pilots are establishing a company to rescue the carrier, which had been discussed with Aero Lloyd's management and the current liquidator, lawyer Gerhard Kleiner said. The aim is to find as much private financial backing as possible from among Aero Lloyd's 1,400 employees as well as from other sources, Reuters reported. Talks are already underway with potential investors willing to put large amounts into the airlines. Investors are being encouraged to participate in the rescue initiative with sums starting from €5,000 ($5,800). The airline declared insolvency two weeks ago and promptly grounded its 21 planes.