Lubeck airport insolvency follows 2013 privatisation

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Lubeck airport has filed for insolvency, but operations are set to continue from the regional hub in northern Germany, it says.

A district court in the Hanseatic city ordered on 23 April preliminary insolvency proceedings for the operating company, Yasmina Flughafenmanagement, after its new owner appears to have abandoned the airport.

In January 2013, Lubeck’s city government sold the loss-making gateway to Egyptian entrepreneur Mohamad Radyamar. Yasmina was thus established as a subsidiary of Radyamar’s investment firm 3Y Logistic und Projektbetreuung.

Earlier this year, however, Radyamar sold its stake in 3Y to Berlin-based businessman Adam Wagner, who subsequently became Yasmina’s managing director, German news agency DPA has reported.

Lubeck airport said in a statement on 22 April that it has been unable to make contact with Wagner since the ownership change. Meanwhile, the approximately 100 staff members have not received their salaries.

After insolvency proceedings have been initiated, operations will be continue without restrictions, says the airport, which is located approximately 50km (30 miles) northeast of Hamburg.

“I expect there will be no departure and arrival limitations for passengers,” says administrator Klaus Pannen. “I am currently assessing the possibility of re-organising Yasmina Flughafenmanagement,” he adds.

Necessary restructuring measures will be immediately initiated to maintain the airport’s operation, the hub says.

Wizz Air – which is operating flights to Polish city Gdansk and Ukraine’s capital Kiev from Lubeck – says that its flights will be “unaffected by the current management changes and restructuring of Lubeck Airport”. The Hungarian budget carrier adds that it is looking forward to a “fruitful cooperation with the new airport management”.

Ryanair – which is serving Bergamo and Pisa in Italy as well as Spanish island Majorca from Lubeck – has declined to comment on any potential impact by the restructuring.

In 2013, Lubeck airport handled around 370,000 passengers.