Berlin-based airline Germania has filed for bankruptcy and cancelled all flights with immediate effect, the company said early Tuesday.
The airline with 37 aircraft had flown mainly Mediterranean, North African and Middle Eastern holiday routes for German sun-seekers on package trips, and said it transported over four million passengers a year.
“Unfortunately, we ultimately failed to successfully complete our financing efforts to meet short-term liquidity needs,” said managing director Karsten Balke in a statement.
“We very much regret that, as a consequence, we had no choice but to file for bankruptcy.”
The company blamed “unforeseen developments” for its cash shortage such as “steep kerosene price increases over the summer of last year with a simultaneous fall of the euro against the US dollar” as well as a high number of technical services required by its fleet of aircraft.
Germania is a private German airline with a history that goes back more than 30 years. It was founded in Cologne in 1986 and now has its headquarters in Berlin. The aircraft, in their green and white livery, carry more than four million passengers a year to holiday destinations, friends or family.
The airline announced in March 2018 its Paphos flight schedule and subsequently flew directly from Paphos to destinations including: Dusseldorf, Berlin, Hamburg and Nuremberg.