UAE's Etihad Airways "extremely disappointed" at Air Berlin's insolvency

Passengers board a German carrier Air Berlin aircraft at Tegel airport in Berlin Germany

Passengers board a German carrier Air Berlin aircraft at Tegel airport in Berlin Germany

Their flight schedule remains valid. At the time Air Berlin said it planned to add four times weekly service between Toronto and Dusseldorf starting May 1, 2018.

Air Berlin has been restructuring its business model to improve its financial position and offset the impact of losses sustained over the years.

The bankruptcy filing was prompted by the decision by Etihad, which holds a 29.2 percent stake, to stop funneling money into the airline after years of propping it up.

Etihad last provided additional funding of 250 million euros to Air Berlin in April.

"As a minority shareholder, Etihad can not offer funding that would further increase our financial exposure".

Etihad said a rapid and unprecedented deterioration of Air Berlin's financial results and liquidity has led to current situation.

"We will support Air Berlin's management during these hard times", the statement added.

Watch a Yankees fan deflate during Devers' home run
They would be on an 11-game winning streak if not for the Yankees' five-run rally in the eighth inning of last Friday's game. The day before, Montgomery was hit on the head by a fly ball while signing autographs as the Red Sox took batting practice.

Air Berlin said Tuesday it has started insolvency procedures, while it will continue operations with the help of a EUR150 million (176.29 million USA dollars) loan provided by the German government.

"We're in a time when many tens of thousands of travelers and vacationers are in multiple worldwide holiday spots", the German Economy and Transport Ministries said in a statement Tuesday.

Ryanair complained formally to the European Commission and Germany's competition regulator, the Bundeskartellampt, that the government and Lufthansa were conspiring to carve up Air Berlin while excluding competitors and ignoring anti-trust and state aid rules. German Economic Minister Brigitte Zypries said Monday that loan should keep Air Berlin flying for at least three months.

Lufthansa has already leased Air Berlin planes to provide flights by its Eurowings budget airline and has made no secret of its interest in taking on more of Air Berlin's business while being mindful of the potential obstacles posed by debts and anti-trust issues.

Meanwhile, oneworld announced that airberlin continues to operate as part of oneworld.

German rival Lufthansa said in a separate announcement it was in talks with Air Berlin to take over parts of the group. In May, Alitalia, which was 49% owned by Etihad, also went into bankruptcy.