“The equity capital will all be used up by March 2013”
Frankfurt-Hahn Airport in Germany needs government funding if it is to avoid insolvency, according to the representative of a minority shareholder. Used mainly by low-cost carriers, Hahn is a former military base around 100 km from Frankfurt. Passenger numbers there fell by 8% in the first half of 2012, mainly because a German airport tax has sent some flyers to cheaper airports in the Netherlands. These declining figures are impacting the already poor financial situation at the airport, which made a loss of €10 million in 2011.
Jochen Riebel, who represents the shareholder Hesse on the airport’s board, told the newspaper Mainzer Allgemeine Zeitung that Hahn will use up all its cash within around six months without more finance: “The equity capital will be used up in March 2013 and then management would have to file for insolvency.”
[pictured: Inside Frankfurt-Hahn]