State aid: Level Europe missed out - bankruptcy!
Because the IAG subsidiary did not receive any state aid, it had to file for bankruptcy. This is according to a publication by the Credit Protection Association of 1870. According to the Credit Protection Association of 1870, the insolvent airline Level applied to the Korneuburg Regional Court to open bankruptcy proceedings. The liabilities amount to around 12,3 million euros, excluding ticket creditors. The value given by the Credit Protection Association is quite low for airline bankruptcies. But there is a piquant detail in the bankruptcy application, because Austria only gave financial support to Austrian Airlines, while Level came away empty-handed and had to file for bankruptcy. Without taking into account ticket holders, 129 creditors are affected. Level Europe recently employed 231 people, 198 of whom were in Austria and 33 in the Netherlands. According to the KSV12,3, the liabilities of 1870 million euros are offset by assets of around 8,4 million euros. The reasons for insolvency according to the company's information in the application: "The debtor company started its business activities on March 01.03.2018, 17.07.2018 and carried out the first operational scheduled flight on July 2019, 2020. The debtor company was financed by the International Consolidated Airlines Group (IAG). Due to the difficult market environment, two further capital injections by the owner were required in 4 and 2019. The booking figures and sales developed in the fourth quarter of 19 as expected and planned. However, the COVID-12,3 pandemic stopped this sales development. At the same time, cost-cutting measures such as negotiations with suppliers and service providers, introduction of short-time work, elimination of non-essential costs, etc. were implemented. Efforts to obtain state support or financing were unsuccessful. There was therefore no alternative to filing for bankruptcy. Liabilities currently amount to around XNUMX million euros." The publication