German holiday airline Germania collapsed on Tuesday after it failed to secure financing to meet a short-term cash squeeze and said it would cancel all flights immediately. German holiday airline Germania collapsed on Tuesday after it failed to secure financing to meet a short-term cash squeeze and said it would cancel all flights immediately. The insolvency of Germania, which carried around four million passengers each year, follows on from the failure of Germany's second-biggest airline, Air Berlin, in 2017, and underscores the turbulence in the European airlines industry. Balke thanked the airline's staff and apologised to passengers who had booked directly with the airline who it said would not be entitled to alternative flights. The Federal Association of the German Aviation Industry said airlines, including those belonging to the Lufthansa Group , TUIfly and Condor, would offer stranded Germania passengers special rates to return to Germany.

Source: Irish Independent February 05, 2019 11:03 UTC