Grounded German Carrier Blue Wings Seeks Investor

Germany's Blue Wings is looking for funds following a dispute with shareholder Alexander Lebedev, as financial problems led regulators to ban the Duesseldorf-based airline from flying, Reuters reported. The carrier halted flights earlier on Wednesday, mere hours before German aviation authorities revoked its operating license for the time being, according to a spokesman for the company. Blue Wings' financial woes, which have left its staff without pay since mid-November, stem from a lack of financing from shareholders, the spokesman said. Now Blue Wings is trying to find a new investor to help prop it up. The company, which flies to destinations such as Kazakhstan, Lebanon and Russia and operates charter flights, carried a total of 1.1 million passengers in 2008 and generated sales of €154 million ($224 million). Read more.