The German holiday airline Sundair can leave the protective shield proceedings. The creditors have given the necessary approval. Managing Director Marcos Rossello said that the airline he runs will emerge from the process as "a restructured and profitable company".
In contrast to Lufthansa, Sundair did not receive any state aid. Due to the corona pandemic, income has plummeted. In October 2020, the holiday airline reported a so-called Protective shield proceedings. This is a special form in German insolvency law that Condor had used, for example. Friedrichshafen Airport is also currently located there in such a process.
Lawyer Lucas Flöther, who already acted as trustee at Condor and Air Berlin, was in charge of the Sundair protective screen. In a media statement, the lawyer says that the creditors' acceptance of the reorganization plan is an “impressive vote of confidence in the reorganization plan and the management”.
In the course of the protective shield proceedings, Sundair carried out various measures in order to be able to reduce fixed costs. The replacement of the fleet is shown here as an example. To reduce leasing costs, the original fleet was returned to the owners and other machines were leased instead. The "new" Airbus jets have lower monthly leasing rates.