Bankrupt German Company Impounds Jet | Business| Economy and finance news from a German perspective | DW | 17.10.2005
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Bankrupt German Company Impounds Jet

The bankruptcy administrator of German construction company Walter Bau AG said he impounded a Lebanese passenger jet as collateral for debts owed by the Lebanese government, according to the Associated Press. Walter Bau had the Airbus A321, owned by Lebanon's flagship carrier Middle East Airlines, impounded while it was parked at the airport in Istanbul, Turkey Friday, administrator Werner Schneider told the Associated Press. The Lebanese government protested the action. But Schneider said the government has yet to pay the company, based in Augsburg, the 5.9 million euros ($7.1 million) it has owed for years. The company is the third largest construction company in Germany.

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