Berlin-based leisure carrier Germania terminated flight operations on the evening of 4 February and filed for insolvency after failing to resolve short-term liquidity issues.
The insolvency covers the airline and its sister MRO company, Germania Technik Brandenburg, however its Swiss carrier Germania Flug and Sofia-based Bulgarian Eagle have not been affected.
The airline points to major increases in fuel prices over the 2018 summer, coupled with the weakening of the Euro against the US dollar, and delays in phasing new aircraft into the fleet as the major causes of its liquidity crisis.
In recent weeks it had disclosed that it had received commitments for over €15 million ($17.2 million) in financial assistance, it appears that has fallen through.
“Unfortunately, we were ultimately unable to bring our financing efforts to cover a short-term liquidity need to a positive conclusion. We very much regret that consequently, our only option was to file for insolvency,” says chief executive Karsten Balke.
Flight Fleets Analyzer shows that Germania has a fleet of 19 Airbus A319s, six A321s, one A320 and four Boeing 737-700s. It also holds an order for 25 A320neos.