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| 22 November, 2017

Air Berlin bondholders to get back no more than 1% - WirtschaftsWoche

An aircraft operated by German carrier Air Berlin is prepared for departure at Tegel airport in Berlin April 28, 2014.

An aircraft operated by German carrier Air Berlin is prepared for departure at Tegel airport in Berlin April 28, 2014.

REUTERS/Tobias Schwarz

Air Berlin bondholders are unlikely to recover more than 1% of outstanding debt following the German airline's insolvency.

FRANKFURT,- Air Berlin bondholders are unlikely to recover more than 1 percent of outstanding debt following the German airline's insolvency, Frank Kebekus, an Air Berlin administrator, said according to German weekly WirtschaftsWoche.

Air Berlin's bonds are worth a total of 2.1-2.2 billion euros ($2.5-2.6 billion), he said.

That compares with the airline's scant funds, which include 25 million euros it is to receive from the sale of unit LGW and possible damages from part-owner Etihad, he told a creditors' meeting on Wednesday, according to WirtschaftsWoche.

Air Berlin, Germany's second-biggest airline after Lufthansa, filed for bankruptcy in August after Etihad, the owner of almost 30 percent of Air Berlin, withdrew funding following years of losses.

Another Air Berlin administrator, Lucas Floether, said damages from Etihad of 15-18 million euros could be realistic, the magazine said.

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Air Berlin was not immediately available for comment

($1 = 0.8514 euros)

(Reporting by Maria Sheahan; Editing by Mark Potter) ((maria.sheahan@thomsonreuters.com; +49 69 7565 1286; Reuters Messaging: maria.sheahan.thomsonreuters.com@reuters.net))