Charter Firm Aero Lloyd Declares Insolvency | Business| Economy and finance news from a German perspective | DW | 16.10.2003
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Charter Firm Aero Lloyd Declares Insolvency

One of the biggest German charter airlines, Aero Lloyd, filed for bankruptcy early Thursday at the German administrative court in Bad Homburg near Frankfurt. Airline officials declared that the airline's 21-aircraft fleet had been grounded at 6 a.m. and cancelled all flights, leaving 8,500 passengers stranded. The news came as Aero Lloyd's primary investor, the Bayerische Landesbank, rejected a restructuring plan. The bank owns a 66 percent share in the charter airline, which employs about 1,400 people.