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Etihad Airways says can not bail out Air Berlin Passengers board a German carrier Air Berlin aircraft at Tegel airport in Berlin Germany
Laurie Berry | 15 August, 2017, 20:06

Etihad's once novel strategy of investing in other airlines has weighed heavily on the company's bottom line. Those talks fell apart in June.

Germany's Air Berlin filed for insolvency Tuesday prompting the government to step-in to keep the country's second-largest airline operating in the short-term.

Bankruptcy protection for Air Berlin's Niki Luftfahrt and Leisure Cargo units will not be sought, according to court documents.

The airline, which didn't answer calls, said in a statement that after Etihad pulled funding, it "came to the conclusion that there was no further positive way ahead for Air Berlin".

In April 2017 Etihad provided 250 million euros of additional funding to Air Berlin as well as supporting the airline to explore strategic options for the business. "We remain open to helping find a commercially viable solution for all parties", the Etihad statement said.

Bill Gates reduces Microsoft stake and donates $4.6bn to charity
In May the couple gave more than $1bn to their foundation , which focuses on children's issues and community initiatives. Bill Gates is giving so much of his money away, he's not going to have any time to recommend books .

Etihad, which owns almost 30 percent of Air Berlin, said the German carrier's business "deteriorated at an unprecedented pace, preventing it from overcoming its significant challenges and from implementing alternative strategic solutions".

"We are working tirelessly to achieve the best possible outcome for the company, our customers and employees, given the situation", Thomas Winkelmann, Air Berlin's CEO, said in a statement announcing the insolvency.

The German is stepping in with an immediate loan of 150 million euros so the airline it can continue flights for the time being. In May, Alitalia, which was 49% owned by Etihad, also went into bankruptcy. However, it is unlikely to countenance a full takeover: Air Berlin operates a large Airbus fleet similar to easyJet's but also has more than 100 Boeing planes, as well as high costs and pension liabilities.

The airline is in advanced talks with rival Lufthansa for the sale of some aspects of its business as it already leases aircraft to the German flag carrier.

Amazon Debuts Instant Pickup For 2-Minute Order Fulfillment

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Cavs trade rumors: Kristaps Porzingis trade contingent on taking Joakim Noah? This is an interesting storyline to watch unfold in the last few weeks before National Basketball Association training camps open. It's clear the Cavs have been looking for a blue-chip prospect in any potential trade for star guard Kyrie Irving .

Jay Cutler to make Dolphins debut against Ravens Adam Gase did acknowledge that Ajayi's injury could affect how Miami uses him in the coming weeks. The Baltimore Ravens have had a lot of troubles with their quarterbacks so far in the preseason.

Bill Gates Just Gave Away $4.6 Billion, His Biggest Donation Since 2000 Since 1994 Mr Gates, 61, and his wife Melinda have given away a total of $35bn in cash and stocks to a range of charitable causes. His donation once again puts Amazon.com Inc founder Jeff Bezos close to the top spot, with a net worth of $84.5 billion.

Amazon recalls solar eclipse glasses week before event Boone County will also provided additional staff until 4 p.m. for parents who want to pick their children up later. Maine will next see a total solar eclipse April 8, 2024 when the path of totality goes through Western Maine.

Pokemon fanatics flood Yokohama for largest-ever Pikachu parade Today Snapchat has debuted another filter primed for maximum pop cultural saturation, featuring Pikachu. Based on what we have been seeing, the shiny Pikachu will come with a slightly darker yellow colour.

Colorado DJ Accused of Groping Taylor Swift Breaks Silence But we didn't want him to get away with it, ' Andrea Swift testified in court last week. He said he didn't ask that Mueller be fired but that 'appropriate action be taken'.

Garden Bridge project abandoned after lack of support from Mayor He said it was a sad day for London because it sent out a message that it could no longer deliver "exciting" projects. The bridge was set to be located between Temple and the South Bank and was initially budgeted in 2014 to cost £150m.

Retail Sales Increased 0.6% in July, Up 4.2% YOY Faced with a huge inventory of unsold cars, auto dealerships are resorting to hefty discounts to attract buyers. A survey of 33 economists by the local Agencia Estado newswire had called for a 0.4% expansion from May.

Pakistan army chief hoists largest flag in Wagah Border On the other hand, Pakistan began work on its flag project and chose to hoist a 400 feet high flag on its side of the border. Acknowledging Pakistan's "internal and external challenges", the COAS said: "I assure you that we will never let you down.

Alexis Sanchez deletes tweet after location sends Arsenal fans into panic mode But Sanchez wants out of Arsenal ASAP after they failed to qualify for the Champions League and Man City and PSG expressed interest.

Charlotte Flair breaks silence following dad Ric's surgery There was even an internet rumor late Monday that Flair was in critical condition, which was retweeted by Dale Earnhardt Jr. During Monday night's Raw, WWE commentators announced Flair was resting after surgery, but not out of the woods yet.

Trump Desperately Wants A War. ANY War Later Monday, China announced a full import ban on North Korean mineral resources and seafood would be effective Tuesday. On Tuesday, North Korea is set to commemorate the Korean Peninsula's liberation from Japan at the end of World War II .

Trump Retweets Prominent Alt-Right Conspiracy Theorist After Reluctantly Denouncing White Supremacists That's fake news". 'Thank you everybody, ' Trump said, cuing the reporters to vacate the room. Trump suggested that his brief statement to reporters, in which he took no questions, counted.

Trump Lets Loose On Twitter, But Finds No Venom For White Supremacists But lawmakers on both sides of the aisle blasted Trump for not explicitly condemning the white supremacists involved. As I have said previously, violent rhetoric and actions have no place in our discourse with our fellow Americans.