Cimber Sterling Files for bankruptcy

Danish Airline Cimber Sterling Files For Bankruptcy

Danish airline Cimber Sterling has declared bankruptcy after its owners decided not to continue their financial support of the company.

“Because of this the board of directors has decided to declare the company bankrupt,” the company said in a statement.

In August last year, Mansvell Enterprises, an investment vehicle of Ukrainian businessman Igor Kolomoisky, offered to buy out minority shareholders in the airline for DKK1.50 kroner per share.

The offer for minority shares followed Mansvell’s acquisition of a 70.8 percent stake in Cimber through a directed share issue on August 1

via BBC News