Photo: DPAThe European Commission on Monday approved Germany's plans to grant insolvent Air Berlin a €150 million loan to allow it temporarily to serve passengers while selling off its business. The 28-nation EU executive effectively refuted critics who say the German government is offering state aid for rival airline Lufthansa to build a monopoly with Air Berlin assets. "The European Commission has endorsed under EU state aid rules Germany's plans to grant Air Berlin a temporary €150 million bridging loan," the commission said in a statement. "The measure will allow for the orderly wind-down of the insolvent airline Air Berlin without unduly distorting competition in the single market," it added. Welcoming the EU's approval, Air Berlin chief executive Thomas Winkelmann said the government loan will help the airline as it looked for buyers.

Source: The Local September 05, 2017 07:07 UTC