Insolvent Aero Lloyd Plans New Take-Off | Business| Economy and finance news from a German perspective | DW | 20.10.2003
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Insolvent Aero Lloyd Plans New Take-Off

Plans are being made to rescue German charter airline Aero Lloyd after it filed for insolvency last Thursday. Gerhard Walter, the man put in charge of the airline's insolvency proceedings, said on Monday negotiations were underway to get the airline flying again and rescue as many of the 1,400 jobs at Aero Lloyd as possible. Some €20 to €50 million will be necessary to resume service and it is unclear when the planes could take off again. On Monday around 900 pilots, flight attendants and technicians demonstrated in Munich in front of the Bayerische Landesbank, the airline's primary investor which had earlier rejected a restructuring plan for the beleaguered airline. Last week the firm grounded all of its 21 planes with immediate effect, leaving over 8,000 passengers stranded.

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