DUBAI, Aug 15 (Reuters) - Etihad Airways said on Tuesday that it cannot bail out Air Berlin, which announced earlier that it had filed for administration.
Etihad, which owns nearly 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."
"Under these circumstances, as a minority shareholder, Etihad cannot offer funding that would further increase our financial exposure," Etihad said in a statement. "We remain open to helping find a commercially viable solution for all parties."
(Reporting by Alexander Cornwell; Editing by Susan Fenton) ((Alexander.Cornwell@thomsonreuters.com;))
Etihad, which owns nearly 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."
"Under these circumstances, as a minority shareholder, Etihad cannot offer funding that would further increase our financial exposure," Etihad said in a statement. "We remain open to helping find a commercially viable solution for all parties."
(Reporting by Alexander Cornwell; Editing by Susan Fenton) ((Alexander.Cornwell@thomsonreuters.com;))
