RSS Feeds

Air Berlin sells bulk of frequent flyer program

Tuesday - 12/18/2012, 8:50am  ET

BERLIN (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 EUR184.4 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 EUR271.8 million for 2011, up from EUR97.2 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.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.