NEWS
08/15/2017 03:28 EDT | Updated 08/15/2017 03:40 EDT

German carrier Air Berlin filing for bankruptcy

BERLIN — Struggling German carrier Air BerLin says it's filing for bankruptcy after its main shareholder, Abu Dhabi-based Etihad, said it would make no more financing available.

The Economy Ministry and Transport Ministry said Tuesday in a statement that the airline would get a loan of 150 million euros ($177 million) so that it can continue flights for the time being.

The ministries say "we're in a time when many tens of thousands of travellers and vacationers are in multiple international holiday spots. The return flights of these travellers back to Germany with Air Berlin would not have been otherwise possible."

The airline, which didn't answer calls, said in a statement that after Etihad pulled funding, it "came to the conclusion that there was no further positive way ahead for Air Berlin."