Last updated: February 19. 2013 10:35PM - 51 Views

Story Tools:

Font Size:

Social Media:

(AP) Lossmaking German carrier Air Berlin says it has sold a majority stake in its frequent flyer program to Abu Dhabi-based Etihad.

Air Berlin said Tuesday that it expects to receive 184.4 million ($242.7 million) from the sale of 70 percent of the program.

Etihad already owns a 30 percent stake in Germany's second biggest airline, which has been struggling in Europe's highly competitive travel market.

Air Berlin reported a loss of 271.8 million for 2011, up from 97.2 million the previous year.

The sale of its frequent flyer program is part of the oneworld alliance member's cost-saving drive. Others in the oneworld alliance include British Airways and American Airlines.

Associated Press
All user comments are subject to our Terms of Service. Users may flag inappropriate comments.
comments powered by Disqus

Featured Businesses


Info Minute

Gas Prices

Wilkes-Barre Gas Prices provided by GasBuddy.com