German Investor Woehrl Submits 500 Million Euro Takeover of Air Berlin

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German aviation investor Hans Rudolf Woehrl late on Sunday said a company controlled by his INTRO Group had submitted a 500 million euro ($600.70 million) offer to buy insolvent Air Berlin, Reuters reported. Air Berlin, Germany’s second-largest airline, filed for bankruptcy protection in August, spurring interest from several buyers seeking to snap up about 140 leased aircraft and valuable take-off and landing slots in Germany. Woehrl, who bought German airline Deutsche BA from British Airways for a nominal 1 euro in 2003, said Air Berlin’s insolvency administrator had been shown a letter of credit for 50 million euros, to guarantee an initial payment for his bid. The full offer was for 500 million euros, INTRO Verwaltungs GmbH said. “It is a bid for the whole of Air Berlin,” Woehrl’s INTRO-Verwaltungs GmbH said in a statement on Sunday, adding that it planned to pay a further 450 million euros in instalments. Read more.