Denmark's Cimber Sterling has filed for bankruptcy and has canceled all flights, according to a statement on the company’s website. The statement said the board “has decided to file for bankruptcy with the court in Sonderborg on Thursday.”
In August, Cyprus-based Mansvell Enterprises agreed to a capital injection of around DKK165 million ($31.8 million), giving Mansvell approximately 70.8% of the share capital and voting rights in the financially struggling airline.
"The board of directors and the management team have worked intensely to ensure a turnaround of the company for several months but unfortunately we did not succeed before we ran out of time," chief executive Jan Palmer said in a statement.
Article Source : ATW Daily News
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